Nabsys Nets $20 Million Series D Financing
Published on March 13, 2013
Nabsys, Inc., a life sciences company pioneering solid-state, single-molecule positional sequencing with broad applicability in DNA anaylsis, today announced that the company has closed a $20million Series D financing to support the commercial launch of the company's positional sequencing system with initial applications in genome assembly and finishing and in analysis of structural variation in genomes.
In 2008, the company received a STAC Collaborative Research Award with the hopes of developing their technology to not only advance cures for diseases such as cancer, heart disease, diabetes and HIV, but also to enable doctors and researchers to prevent them altogether.
"One of Rhode Island's most valuable natural advantages is the great minds at work at our colleges, universities, pioneering businesses and research facilities," Governor Lincoln Chafee said. "Innovation depends on an environment that links ideas and talent with financial resources to turn discoveries and knowledge into products and companies to help grow our economy. Nabsys is an excellent example of one such company." The company currently employs 50 at its facility in Providence's Knowledge District and expects to double its employment with this expansion.
"Nabsys is at an important transition point as we prepare for commercial launch," said Barrett Bready, M.D., president and chief executive officer of Nabsys. "This Series D financing will enable us to build a commercial organization that will support launch."
Read more about Nabsys and its pioneering DNA sequencing technology here