Good Start Genetics Inc., a molecular diagnostics company based in Cambridge, said Wednesday that it has closed a non-dilutive loan facility for up to $28 million of capital from Capital Royalty LP.
Good Start, which launched in 2010, specializes in carrier screenings for genetic mutations that can cause disease. For a woman thinking about getting pregnant, such screenings can provide information about the likelihood of her child having an inherited disease. A big potential market for such screenings is made up of women who are thinking about getting pregnant as a result of in vitro fertilization.
The company calls its menu of screening tests “GoodStart Select.” Using its proprietary next-generation sequencing technology, the company says its product can detect such diseases as cystic fibrosis as well as disease-causing mutations that more traditional screening tests sometimes miss.
Good Start Genetics said it will use the proceeds from the loan facility to support its long-term corporate growth initiatives.
In a statement, company president and chief executive Don Hardison said, “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.”
Previously, the company raised $32 million in venture capital funding in two rounds of financing.