Genalyte Lands $11,800,000 Series B Financing

  • Feed Type
  • Date
    3/31/2012
  • Company Name
    Genalyte
  • Mailing Address
    3030 Bunker Hill St San Diego, CA 92109
  • Company Description
    Over the past three years the team’s mission has been to develop instrument systems, hardware, software and consumables, making multiplex protein and nucleic acid testing from a single sample the standard in the Research, Life Science and Clinical Diagnostic market.
  • Website
    http://www.genalyte.com
  • Transaction Type
    Venture Equity
  • Transaction Amount
    $11,800,000
  • Transaction Round
    Series B
  • Proceeds Purposes
    Genalyte intends to use the new funds primarily for commercialization of its Maverick(TM) platform and its highly multiplexed panels for autoimmune and immunoassay applications.
  • M&A Terms
  • Venture Investor
    Claremont Creek Ventures
  • Venture Investor
    Undisclosed

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  • Genetics Professional

    This new optical waveguide technology appears to have great potential and give the science industry a new spin on detection assays. The direction the company is heading is a little confusing since they are claiming to use the same technology for autoimmune assays, DNA/RNA assays, and now cancer testing on the same platform. After browsing through the Genalyte website and making some inquires into the products the have available I’ve discovered they currently do not have any solid products actually ready to purchase. I was told they would have to develop and then manufacture their proprietary assays which would take at least 6 weeks before they shipped out. Albeit their claimed short detection time would be faster to run than a similar ELISA assay, I don’t want to wait for almost 2 months. And I almost forgot to mention the purchase of the MACHINE, which is not cheap, would take even longer to deliver and isn’t exactly compatible with their own assays. I’ll stick with the ELISA assays for our lab and stay away from the Genalyte “pipedream” detection scheme. Why advertise products that aren’t even available? Bad business? You be the judge.