Capital will enable continued advancement of GenapSys' electronic-based, next-generation sequencing platform
REDWOOD CITY, Calif., May 27, 2021 /PRNewswire/ -- GenapSys, Inc. (GenapSys), a company developing a highly accurate and scalable electronic sequencing platform, today announced it has raised $70 million in a Series D equity financing. Investors in the round included Farallon Capital Management, L.L.C., Soleus Capital, an affiliate of PBM Capital, and additional new investors. Proceeds from this financing will be used to continue advancing GenapSys' semiconductor based next-generation sequencing (NGS) platform.
"We are delighted to partner with this world-class group of investors who together share our broad strategic vision of delivering an affordable, scalable genomic sequencing ecosystem that empowers both academic and clinical research," said Jason Myers, Ph.D., Chief Executive Officer of GenapSys. "We look forward to leveraging our Board's strategic insight to accelerate new product development, particularly within the oncology arena."
GenapSys Founder and Chairman Dr. Hesaam Esfandyarpour added, "This latest round of funding is a testament to the strength and momentum of GenapSys' technology. The world is just beginning to unlock the immense potential of genomic sequencing and this capital will help fuel GenapSys' next stage of growth. We're honored to welcome these world-class investors and expand the GenapSys Board of Directors."
Additionally, Bob Zollars and a representative of Farallon Capital have been appointed to GenapSys' Board of Directors.
Bob Zollars added, "GenapSys' development of an affordable and highly scalable genomic sequencing ecosystem has the potential to transform the human condition. With the Company's sequencing technology, researchers and clinicians that previously lacked access to sequencing options will be enabled to better understand and treat disease. I am excited to serve as the Company's lead independent director."
Bob Zollars brings over 35 years of leadership experience in healthcare technology and services with a proven track record of growth and value creation. Mr. Zollars is a senior advisor at Frazier Healthcare Partners, in their growth equity business. Previously, Mr. Zollars was group president at Cardinal Health and was responsible for five of their subsidiary companies, he also led four different operating divisions at Baxter Healthcare. He was chairman and CEO of Vocera Communications, Inc. and was previously chairman and CEO of Neoforma, where he led both companies through successful IPO's. He serves on the boards of Change Healthcare, Five 9, Kate Farms, and Parata Systems. Mr. Zollars received his M.B.A. in Finance from John F. Kennedy University and graduated magna cum laude with a B.S. in Marketing from Arizona State University where he is now Chair of the Trustees.
About GenapSys, Inc.
GenapSys is a company focused on the advancement of universal access to genomic information by delivering an affordable, scalable, and accurate genomic sequencing ecosystem that empowers both academic and clinical research applications. Its system leverages a proprietary electrical microfluidic sequencing chip with a scalable number of detectors, allowing for a wide range of applications. GenapSys is headquartered in Redwood City, CA.
GenapSys products are provided for Research Use Only. Not for use in diagnostic procedures.
For Media Inquiries:
Surekha Karudapuram, VP, Product Management and Marketing
surekha.karudapuram@genapsys.com
For Investor Inquiries:
David Deuchler, CFA
Managing Director |Gilmartin Group
david@gilmartinir.com
Logo - https://mma.prnewswire.com/media/1519611/GenapSys_company_Logo.jpg
