NEW YORK (GenomeWeb) – Personal Genome Diagnostics said today that it has raised $75 million in a Series B financing round led by new investor Bristol-Myers Squibb and previous investor New Enterprise Associates.
New and existing investors including Inova Strategic Investments, Co-win Healthcare Fund, Helsinn Investment Fund, Windham Venture Partners, and Maryland Venture Fund participated in the financing along with undisclosed investors.
According to Personal Genome Diagnostics, the funds will support its efforts to commercialize regulated genetic tests that can identify molecular drivers of cancer and help individualize treatment strategies. The company uses next-generation sequencing and proprietary algorithms to identify alterations in cancer genomics and is developing and commercializing a portfolio of tissue and liquid biopsy cancer tests.
"We believe that tailoring therapies to these drivers of response is best accomplished by making testing be run by local laboratories," Personal Genome Diagnostics CEO Douglas Ward said in a statement. "Proceeds from this financing will support our product development strategy designed to secure global regulatory approvals of tissue and liquid biopsy-based IVD cancer tests."
The company, headquartered in Baltimore, said it is also expanding into a nearby facility that will more than triple its current space, allowing for new laboratories and workspaces.