Lineagen raises $15.8m in series C

Lineagen, a US-based life sciences firm, has secured $12.17m in the second and final tranche of its overall $15.8m series C.

University Venture Fund, the venturing arm of Utah University, was one of the backers in the round, which was led by HealthQuest Capital. New investors Petra Capital Partners and Mountain Group Partners were joined by existing backers Sanderling Ventures, Signal Peak Ventures, PrairieGold Venture Partners, Mesa Verde Venture Partners, Archipel Capital, and KickStart Ventures. Partners from Petra Capital and HealthQuest have joined Lineagen’s board of directors.

At the same time, the company also secured a $4m debt facility with Silicon Valley Bank. Founded in 2002, the company has raised $42.6m through venture funding, and a further $12.7m through debt financing.

Lineagen is commercialising molecular diagnostics technology licensed to the firm from Utah University. Its primary product, FirstStepDx, provides doctors an integrated genetic testing and developmental screening service for quickly evaluating children with autism. At present, a diagnosis of autism can take months, if not years, to conduct accurately, and can cause significant delays on children with autism getting the right care and support early on in life that will enable them to better understand and control the condition. The company is also looking to develop similar platforms for multiple sclerosis and chronic obstructive pulmonary disease.

Michael Paul, Lineagen’s CEO, said: “We are exceptionally pleased to welcome HealthQuest Capital, Petra Capital Partners and Mountain Group Partners to Lineagen, and honored to expand our financial relationship with our longstanding investors and Silicon Valley Bank, with whom we have had a relationship since our Series A round of funding. The additional funding will support the continued commercial adoption of our FirstStepDx PLUS test, help expand commercialization of NextStepDx PLUS, and enable us to apply our clinical research to a broader range of neurodevelopmental and neurological indications.”