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OncoDNA Closes $20.6M Funding Round

NEW YORK — Belgian molecular diagnostics firm OncoDNA said on Friday that it has closed a €19 million ($20.6 million) Series B financing round.

The round was led by Vesalius Biocapital III and Swisscanto Invest by Zürcher Kantonalbank. Other participants included SFPI-FPIM, CPH Bank, Inventures, Sambrinvest, Sofinim, SRIW, and undisclosed existing investors.

OncoDNA, which raised €7.7 million in 2016, said it will use the new funding to support its international growth, accelerate software development, and to expand its workforce.

"We [have] built a worldwide network of more than several thousand oncologists, OncoDNA Founder and CEO Jean-Pol Detiffe said in a statement. "Our next move is to connect molecular laboratories to our advanced data interpretation tools, which we pride ourselves on now being possible thanks to the support of our new investors."

About a year ago, OncoDNA released its OncoNTRK RNA sequencing assay for solid or liquid biopsies analysis of tumors with potential NTRK gene fusions. A few months before that, it updated its next-generation sequencing-based OncoDeep solid tumor analysis tool.