News Article

US Genomics Changes Name to Pathogenetix, Raises $1.3M
Date: Nov 05, 2010
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Featured firm in this article: PathoGenetix Inc of Woburn, MA

NEW YORK (GenomeWeb News) -- US Genomics has raised $1.3 million in a private financing and sold $900,000 in debt instruments, the company disclosed in separate documents filed with the US Securities and Exchange Commission this week.

The Woburn, Mass.-based firm has also changed its name to Pathogenetix.

The company did not identify investors on either transaction but listed related persons that include Augustine Lawlor, a managing partner at HealthCare Ventures, Steve Gullans, a managing director at Excel Venture Management, and Enrico Petrillo, also a managing director at Excel Venture Management. The three are also directors of Pathogenetix.

The company did not say how the funds will be used but said it is not in connection with a business combination, such as a merger, acquisition, or exchange offer.

In its filing outlining the $900,000 debt conversion, Pathogenetix said another $300,000 in that offering remains unsold. The company said in January that it had raised $1 million through a sale of equity and debt securities.

US Genomics was founded in 1997 and had focused its genomic mapping technology on identifying and quantifying DNA, RNA, and proteins in complex samples. It is unclear why it changed its name or how the business model may have changed.

A call to the firm was not returned by the time this article was published.