Good Start Genetics, Inc., today announced the completion of an $18 million Series A financing. The proceeds of this financing will be used to complete the development and launch of the Company's pre-pregnancy genetic test, which utilizes advanced DNA sequencing technology to screen for a panel of genetic disorders including those recommended by the American Congress of Obstetricians and Gynecologists (ACOG) and the American College of Medical Genetics (ACMG). The financing was led by OrbiMed Advisors, Safeguard Scientifics, Inc. (NYSE: SFE) and SV Life Sciences.
“The diagnostic industry demands tools that provide physicians with highly accurate genetic information that is clinically valuable for individual patients. Under the leadership of Don Hardison, Good Start Genetics has the technology, experience and vision to make this goal a reality.”
The Company also announced that Don Hardison, former COO of LabCorp and CEO of Exact Sciences, has been appointed President, CEO and Director of the Company. Good Start Genetics' Board of Directors is chaired by Marc Beer, former CEO of ViaCell, and also includes Robert Carpenter, Director of the Genzyme Corporation; Carl Gordon, General Partner at OrbiMed Advisors; Gary Kurtzman, Managing Director at Safeguard Scientifics; and Lutz Giebel, Managing Partner at SV Life Sciences.
Good Start Genetics' advanced DNA sequencing technology is designed to deliver a higher detection rate and improved clinical performance compared to currently available screening methods, such as genotyping and SNP analysis. Higher detection rates provide physicians with more accurate results and more clinically relevant genetic information. The Good Start Genetics test will allow physicians to better identify carriers of heritable genetic disorders, enabling physicians to help prospective parents make more knowledgeable medical decisions. The Company expects to launch its test exclusively through board certified physicians in the U.S. starting in 2011.
"We expect this test to be widely adopted as the new clinical standard of care for pre-pregnancy genetic screening," said Marc Beer, Chairman of the Board of Good Start Genetics. "The diagnostic industry demands tools that provide physicians with highly accurate genetic information that is clinically valuable for individual patients. Under the leadership of Don Hardison, Good Start Genetics has the technology, experience and vision to make this goal a reality."