Lifecode raises $20.5 million in Series A
Lifecode is a next-generation-sequencing based molecular diagnostics company that has raised a previously undisclosed $20.5 million A-Round led by Sequoia Capital, The Mayo Clinic, and Mayo Ventures. More details below:
February 19, 2015 07:00 AM Eastern Standard Time
FOSTER CITY, Calif.–(BUSINESS WIRE)–Lifecode Inc., a rapidly growing next-generation-sequencing (NGS) based molecular diagnostics company, announced today that it has received accreditation from the College of American Pathologists (CAP). The firm also announced that it had raised a previously undisclosed $20.5 million A-Round led by Sequoia Capital, The Mayo Clinic, and Mayo Ventures.
According to Chris Rivest, CEO at Lifecode, “NGS based comprehensive molecular profiling is about to fundamentally disrupt the market for cancer related molecular diagnostics. As sequencing becomes more routine, the bottleneck in the field shifts to the difficult task of providing community physicians with concise, accurate and actionable information regarding their patient’s disease. With new drugs being approved every year, hundreds of new actionable molecular markers, thousands of clinical trials, and hundreds of thousands of new publications, the ability to keep up to date with such a rapidly changing field is incredibly difficult. Our goal at Lifecode is to leverage world class computational tools, algorithms, and data science to manage this flood of information for physicians and their patients.”
Rivest added “with substantial backing from world class investors, and our recent accreditation by CAP, we are well positioned to help transform this industry.”
The CAP Laboratory Accreditation Program is a nationally recognized effort of the highest standard where inspectors examine staff qualifications, equipment, quality controls, safety programs, records and overall management of clinical laboratories.
“Lifecode is pleased to be among the select NGS specialized diagnostic laboratories to have received full accreditation from the College of American Pathologists,” said Dr. Tim Triche, Laboratory Director for Lifecode. “CAP accreditation represents the highest benchmark in the industry, ensuring reliable, reproducible test results that meet the most stringent quality assurance standards.”
CAP is the world’s largest association composed of exclusively of board-certified pathologists and is the worldwide leader in laboratory quality assurance. To date there are a total of ~7,000 CAP Accredited facilities in the United States, all of which go through a rigorous review process.
About Lifecode, Inc.
Lifecode is a specialized CLIA and CAP certified clinical laboratory focused on the genetic basis of human disease. With an initial focus on oncology, we are committed to improving the lives of patients through molecular information that is concise, accurate and actionable. The long-term vision of Lifecode is to revolutionize the world of genomic medicine: better care through better code. Lifecode is based in Foster City, California, in the heart of Silicon Valley.