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private financing

The digital pathology company, which pulled in $60 million earlier this year, said it has raised over $90 million since it was founded in 2016.

The company raised $7.4 million in an extended Series B financing round and entered a partnership with BARDA valued at $7.6 million.

The  firm will use the net proceeds for research and development, marketing, and general corporate purposes to help commercialize its LX Analyzer technology.

Cambridge, UK-based Sense Biodetection will use the funding to develop a portfolio of instrument-free, point-of-care molecular diagnostic tests.

The company offers products and services for analyzing, interpreting, and reporting clinical next-generation sequencing data with a focus on cancer.

The company has used a portion of the new facility to pay back existing debt to the bank, as well as a final payment designated in the parties' earlier loan agreement.

The firm said that the second tranche is part of the financing provided by Ampersand Capital for the $23.5 million acquisition of Cancer Genetics' biopharma business earlier this year.

Specific Diagnostics said it plans to apply CE marking to the Reveal system next year, followed by submission to the FDA for 510(k) clearance. 

The company was originally founded as a spinoff from Korean genomic services provider Macrogen to offer direct-to-consumer genomic rare disease screening tests.

The company said the money from the transactions will help it boost adoption of its ConfirmMDx and SelectMDx prostate cancer tests with urologists and payors.

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