Population genetics company secures C$7.7M investment and equipment financing

Montreal, QC February 25, 2003 Population genetics company, Galileo Genomics, has closed two financings totaling C$7.7 million, including equity financing worth $4.7 million and capital equipment-based financing for up to $3 million.

Galileo’s platform is designed for the identification of genes associated with common and economically important diseases and the rapid production of high quality targets for drug development and diagnostic products. By identifying genes and understanding their biological function, the company says it expects to discover the causes of many common diseases that arise from genetic variations.

Galileo’s research relies on the study of genetic data collected from the Quebec founder population and advanced genetic algorithms for gene localization. The Quebec founder population is the largest such population worldwide, which facilitates rapid patient recruiting. The population is among the most homogeneous and has among the highest genetic sharing of all major founder populations in the world. This is because of its relatively late beginning in the 17th century, the relatively small number of founders, rapid early population growth, minimal intermarriage with other groups, and loss of some family lines while others expanded dramatically.