Monday, October 4, 2010

Lineagen Seeks $15M

Salt Lake City-based Lineagen, a provider of genetic testing and related services focused on autism spectrum disorders, said Monday that it is in the midst of raising $10M in new commitments as part of a $15M, Series B funding round. The round said that so far, it has commitments from Sanderling Ventures, vSpring Capital, PrairieGold Venture Partners and Mesa Verde Venture Partners--all Series A investors--in the round. The announcement--which is somewhat unusual for a firm, due to regulatory rules around investor solicitation--came as Lineagen said it will be presenting at the upcoming 9th Annual BIO Investor Forum. The firm said it plans to use the new funding to expand its franchise, enhance margins, and introduce new services, among other efforts.