One of the richest tech startups in biotech history is adding even more millions to its cache of cash as it ramps up the commercialization of its DNA sequencing services. Pacific Biosciences says it has closed a $109 million Series F, bringing its total haul to $370 million. The new money includes $50 million offered by Gen-Probe, which was unveiled just days ago.
Pacific Biosciences has styled itself as a classic game changer, offering accessibly priced DNA sequencing to drug developers as it builds a technology that is aimed at helping to usher in a new era of personalized medicines. That mission has attracted a lengthy list of backers, including: Deerfield Management, Intel Capital, Wellcome Trust, Monsanto, Morgan Stanley, Mohr Davidow Ventures, Kleiner Perkins Caufield and Byers, and many others.
“These funds will be used to support our operations as we begin ramping production capabilities for the commercial launch of our PacBio RS system,” commented Hugh Martin, chairman and CEO of Pacific Biosciences. The PacBio RS is the company’s first product, a third generation sequencing system based on its Single Molecule Real Time platform.