Complete Genomics Adds $39M
Luke Timmerman8/19/10
Complete Genomics, the Mountain View, CA-based provider of low-cost gene sequencing, said today it has raised $39 million in a Series E round of venture financing. A new investor, Sands Capital, led the round, which included existing investors Essex Woodlands, Kirkland, WA-based OVP Venture Partners, Prospect Venture Partners, OrbiMed Advisors, Highland Capital Management, and San Diego-based Enterprise Partners. The company also said it plans to “vigorously defend” itself in a patent lawsuit brought against it by the market leader in gene sequencing, San Diego-based Illumina (NASDAQ: ILMN). Complete Genomics made the announcement of the financing, and the legal defense plan, while it is preparing to go public.
Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.
biotech veteran
8/25/10 11:47 am
Complete Genomics will certainly need the $39 million, considering their burn rate. Illumina obviously hopes to forestall an IPO by Complete Genomics, until the IPO window closes. Considering the events in the stock market the last few days, this tactic just might work. It will be interesting to see how this develops.