Money Still There for Genomics

Complete Genomics focuses on human genome sequencing.  It uses a proprietary method to support drug discovery and development and clinical use of sequencing information.  The company just raised $45 million in a Series D financing.  (Press Release) That is a lot of money at a time when it has been difficult for emerging firms to find venture capital or private equity funding.  Many biotech businesses have liquidated or substantially scaled back.  The investment is an indication that some of the nation’s most sophisticated investors still believe that good returns can be made in the genomics business and that personalized medicine will become prevalent.  The biotech drugs which are developed using genetic information and the clinical services which utilize individualized genomic profiles are expensive.  The continuing growth of this sector will be one factor potentially pushing health care costs higher in the next decade.