NEW YORK (GenomeWeb) – Clinical Genomics Technologies announced today that it has completed a $26 million financing round.
The company said it will use the proceeds from the financing to commercialize Colvera, its liquid biopsy test for earlier detection of recurrent colorectal cancer, and to advance Colvera for use in CRC screening.
New investors such as Moelis Australia Asset Management and Regal joined existing Clinical Genomics shareholders Quest Diagnostics and Australian venture capital firm OneVentures in the funding round. The firm also noted that it has raised $48 million in the past two years, including $15 million in a Series A round in March 2016.
Clinical Genomics recently launched a US Food and Drug Administration 501(k)-cleared fecal immunochemical test called InSure One that it developed in collaboration with Quest Diagnostics. The firm said it will combine the proceeds from this recent financing round with the profits from recent growth from InSure One to build on its leadership position in the CRC monitoring market and the market for a blood-based CRC screening test.
"The reception we've had from clinicians and patients suggest terrific potential as we invest the capital raised to demonstrate the clinical and economic benefit of using liquid biopsy test services such as Colvera for both CRC monitoring and screening," Clinical Genomics CEO Lawrence LaPointe said in a statement. "Our team is driven by the opportunity to use our tests to help save lives from this deadly disease worldwide."
Kristie Dolan, Quest's general manager for oncology, added, "Quest and Clinical Genomics have a track record of bringing advanced diagnostic service capabilities in colorectal cancer to physicians and patients. We believe Colvera, like InSure One, has potential to enhance the early detection of colorectal cancer, serving a major clinical need that could improve patient outcomes."
Clinical Genomics is also testing Colvera's use in rectal cancer. In October 2017, the firm initiated a therapy monitoring study with investigators at Memorial Sloan Kettering Cancer Center to evaluate Colvera's ability to measure the presence of rectal cancer during and after treatment. Researchers will test patients using the Colvera assay before and during chemoradiation therapy, and then after surgical removal. Initial data is anticipated to be available by the middle of 2018.