James Golubieski, president of Foundation Venture Capital Group, says it invested in GeneAssess because a gene it has identified appears to be found in breast cancer, but also shows potential for other cancers.

The state-backed Food and Environment Reseach Agency remains a shareholder in Forsite having taken a stake when the portfolio company was spun out from the UK's agriculature department in 2007.

Trevor Mundel, the Gates Foundation's recently appointed head of global health, told news provider Financial Times (FT) he hoped to oversee a series of investments in companies each likely to be worth several million dollars.

The company priced six million common shares at $13.50 each, which was the middle of its $12 to $15 per share range and for an initial market capitalisation of $360m.

Carena, a US-based developer of a healthcare delivery model, has raised $14m from a consortium led by non-profit health system Catholic Health Initiatives (CHI).