Good Start Genetics Announces $28 Million Financing From Capital Royalty »
CAMBRIDGE, Massachusetts, May 8, 2013 - Good Start Genetics®, Inc., an innovative molecular diagnostics company that has developed the new gold standard in carrier screening, today announced that it has closed a non-dilutive loan facility for up to $28 million of capital from Capital Royalty L.P. Good Start Genetics will use the proceeds to support its long-term corporate growth initiatives for the company’s next-generation sequencing (NGS) based carrier screening platform.
“Our investment in Good Start Genetics is consistent with our focus on providing flexible financing solutions for innovative companies with commercial technologies,” said Charles Tate, Chairman and Founder of Capital Royalty L.P. “We are excited about the significant long-term growth potential of Good Start given the combination of its unique next-generation sequencing based technology, applicability of GoodStart Select in large and growing markets, and very capable management team.”
Good Start Genetics is a leading provider of carrier screening for the in vitro fertilization (IVF) market. Since its April 2012 commercial launch targeting the 460 IVF centers in the United States, Good Start Genetics’ high-complexity, CLIA- and CAP-accredited laboratory has processed tens of thousands of test orders. The GoodStart Select™ carrier screening service provides testing for all 23 diseases recommended by major medical societies and detects both common disease-causing mutations, as well as rare pathogenic mutations that would go undetected by laboratories using older, traditional genotyping-based technologies.
“We’re proud to have the support of Capital Royalty through this investment, and under very attractive, non-dilutive terms,” said Don Hardison, president and CEO of Good Start Genetics. “These funds further position us to continue growing our NGS-based Good Start Select carrier screening presence within the IVF community, while evaluating potential opportunities to expand our reach into other areas, including global carrier screening markets. We are now in a strong financial position with sufficient capital to take us far beyond our projected 2013 profitability and cash flow operating goals.”
About Good Start Genetics, Inc.
Good Start Genetics has developed the new gold standard in carrier screening by making testing for the most comprehensive set of known and novel disease-causing mutations accessible for routine clinical practice. After years of development and rigorous validation, Good Start Genetics has harnessed the power of next-generation sequencing and other best-in-class technologies to provide highly accurate, actionable and affordable tests for all disorders recommended for genetic testing by ACOG and ACMG. For these reasons, fertility specialists and their patients can have a high degree of confidence in their carrier screening results, and no longer have to compromise accuracy for price. For more information, visit www.goodstartgenetics.com.
About Capital Royalty L.P.
Capital Royalty L.P. is a market pioneer and innovator in healthcare investing focused on intellectual property investments in approved products through structures including royalty bonds, secured debt, revenue interests and traditional royalty monetizations. Capital Royalty works directly with leading healthcare companies, research institutions and inventors to provide customized solutions to meet their unique financing needs. The value of each investment is based on the future revenue of commercialized biopharmaceutical products and medical technologies. Capital Royalty is actively making investments through its managed investment funds.
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