Solexa raises $32.5 million

Solexa Inc. recently raised $32.5 million in private equity financing, the bulk of which will be used to fund further development and commercialization of a synthesis-by-sequencing (SBS) molecular array platform for genetic analysis.

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HAYWARD, Calif.—Solexa Inc. recently raised $32.5 million in private equity financing, the bulk of which will be used to fund further development and commercialization of a synthesis-by-sequencing (SBS) molecular array platform for genetic analysis. If all goes according to plan, the company will introduce its first commercial SBS instrument by the end of this year, a product, company officials say, will be able to ascertain a human genome sequence for roughly $100,000.
 
The financing follows on the recent merger of Solexa with instrumentation maker Lynx Therapeutics, a deal that was completed in early March. "Solexa had a novel technology for sequencing, which it spent five years developing," explains Linda Rubenstein, Solexa CFO. "What the combination with Lynx did was bring us a company that has put together multiple generations of instruments for genetic analysis which, was needed for the Solexa technology."
 
In addition, Solexa announced that G. Mason Morphit of the equity firm ValueAct Capital, which led the transaction, has joined the company's board of directors.


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