Business

Good Start Genetics announces $28m financing

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.

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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.

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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.

Chris Reidy can be reached at reidy@globe.com.
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