Geospiza Closes $3 Million Series A Preferred Financing
SEATTLE, Wash. – December 4, 2006 –Geospiza, Inc., a leading developer of enterprise software solutions to automate genetic testing, today announced that it has completed a $3 million Series A preferred stock financing. The funds will be used to add sales and product development personnel to meet increased customer demand and expand its collaboration agreement with Applied Biosystems (NYSE: ABI).
The company’s flagship product, Geospiza Finch Suite, is the life science industry’s top software system for managing and analyzing vast amounts of research and clinical data being generated by today’s gene-based tests. The product can be configured to deliver a complete set of commercial solutions that help laboratories increase capacity, improve productivity and reduce costs. Geospiza’s software integrates both the laboratory data management and post production data analysis into an automated system.
Geospiza’s president Rob Arnold commented, “The technology in the instruments that create genetic data has far outpaced clinicians’ ability to analyze the data efficiently. With new applications for genetic testing emerging daily, such as for cancer and infectious disease screening, our customers are under enormous pressure to streamline their analytical procedures and reduce testing backlog.”
“We see tremendous commercial potential for the application of information technology to genetic testing. Geospiza’s software allows large producers of genetic data, like pharmaceutical companies, to translate data more efficiently into actionable test results,” said Gordon A. Gardiner, Managing Partner of Swiftsure Capital LLC, a Seattle-based private equity firm. “The company has an outstanding customer base and a solid relationship with the leading manufacturer of genetic analysis instruments, Applied Biosystems.” Swiftsure Capital LLC served as the company’s consultant on various strategic issues including the financing. Mr. Gardiner was appointed to Geospiza’s Board of Directors earlier this year.
About Geospiza
Founded in 1997, Geospiza combines trusted life science and IT expertise to deliver its customers highly-scalable, fully-integrated, regulatory compliant informatics platforms for scaling their laboratory workflow, genetic data management and analytics workflows. The Company’s customers are primarily diagnostic laboratories, biotechnology and pharmaceutical companies, contract core labs, large research institutes and universities, involved in genetic testing, genetic analysis, manufacturing DNA based bio-therapeutics and delivering DNA data production services. More information is available at http://www.geospiza.com.
About Swiftsure Capital
Swiftsure Capital is a Seattle-based private equity firm that invests in and provides investment banking services for mid to late stage private growth companies. Swiftsure’s professional team has significant operational and financial expertise as well as extensive relationships with private and institutional investors. For more information on Swiftsure, e-mail info@swiftsurecap.com.
