Mass High Tech June 30, 2004

Modular Genetics closes on $5.5M in second round

Modular Genetics Inc. (MGI) of Woburn has closed the first round of a $5.5 Million series B financing. According to the company the funding includes a $1 million investment from 2002 and the retirement of approximately $1.2 million in debt.

The lead on the round was Boston University Community Technology Fund.

Proceeds from the funding will be used to enhance the company’s automated gene engineering system, expand the sales force and accelerate specific product development programs.

The company’s patented technology is used for automated assembly and modification of cloned genes.

“MGI's high throughput system enables the company to perform precise gene engineering, on a large scale,” said Kevin Jarrell, the company’s President and CSO, in a statement. “MGI is leveraging its core CombiGenix technology to increase throughput, accuracy and speed aimed at reducing costs for gene synthesis, site-directed mutagenesis and repair of mutations in cloned genes.”

Privately held MGI has used its patented CombiGenix technology to develop three gene engineering platforms: GeneDirect, GeneBuild and GeneFix. MGI markets these services to pharmaceutical, biotech, government and academic laboratories.