NEW YORK – Diagnostics firm PrognomiQ said Tuesday that it has closed a $34 million Series D financing round.
The company said it will use the funding to advance development of its blood-based early detection test for lung cancer.
The round was led by proteomics tools company Seer, which originally spun out PrognomiQ and holds a roughly 19 percent stake in the firm. Other participants included Catalio Capital Management, aMoon, Invus, Bruker, and what PrognomiQ said was a "new, large, strategic investor in the diagnostics segment."
The round brings PrognomiQ's total funding to more than $135 million since it was founded in September 2020.
PrognomiQ plans to offer its lung cancer test as a laboratory-developed test (LDT) initially and then as an in vitro diagnostic (IVD). It is currently enrolling a prospective 15,000-subject lung cancer study to support a regulatory submission for the IVD test. The company was recently granted a CLIA license.
Concurrent with the financing, Catalio Capital Management Partner Isaac Ro has joined PrognomiQ's board as an independent director. Ro was previously executive chair of Haystack Oncology. Prior to that he was CFO of Sema4.
"We have an exciting path ahead as we develop products that have the potential to dramatically improve patient outcomes for lung cancer, the leading cause of cancer-related deaths worldwide, through early detection,” PrognomiQ President and CEO Philip Ma said in a statement.
"Given the current adoption challenges of LDCT scanning, a blood-based test to detect lung cancer with high sensitivity and specificity, particularly at the early stages, could dramatically improve lung cancer screening rates," Ro said in a statement. "PrognomiQ's latest research demonstrates the potential of its multiomics liquid biopsy platform in early stage detection of lung cancer."