Verinata Health, Inc., a privately-held company that offers non-invasive tests for early identification of fetal chromosomal abnormalities using its proprietary technologies, recently sealed series C financing. This additional funding has helped the company raise a capital worth $46.5 million approximately. The company expects to amass $2.0 million more by August 31, 2011.
In a press release, Verinata revealed its plan for using the capital to fund continued research and development and subsequent commercialization of its non-invasive prenatal diagnostic test.
The funding was led by existing investors Mohr Davidow Ventures, Sutter Hill Ventures, and Alloy Ventures.
“This substantial financing demonstrates our investors' confidence in Verinata's ability to meet or exceed corporate and product milestones as we proceed rapidly on the path to commercialization of our first diagnostic test. We look forward to completing our validation study later this calendar year, as we prepare for a successful launch of our non-invasive prenatal diagnostic in the first quarter of 2012,” chief executive officer of Verinata Health, Caren L. Mason, noted in a statement.
Verinata Health is committed to simplify the prenatal screening methods, as well as reduce the risks associated with current invasive procedures by offering a single blood- draw test. . The company aims to develop a test that will reduce the anxiety associated with today's multi-step process, the unacceptable false-positive rates, the non-specific and sometimes confusing results of current prenatal screening methods. Verinata is conducting a prospective, blinded pivotal study to clinically validate the sensitivity and specificity of its first prenatal test on a large scale. The results of the study should be expected in 2011, the company informed in a release.
In addition to Verinata Health, another California company is working on the development of prenatal test. In March, the two companies announced that they hope to offer the test to doctors in the United States by next April. They said it could be done in the first trimester, with Sequenom aiming as early as 10 weeks, and Verinata as early as eight weeks. Results would be available 7 to 10 days later.
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Madhubanti Rudra is a contributing editor for HealthTechZone. To read more of her articles, please visit her columnist page.Edited by
Rich Steeves
