NEW YORK (GenomeWeb) – Hong Kong-based investment firm PacBridge Capital Partners said late last week that it has committed to invest C$12 million ($9.5 million) in cancer genomics company Contextual Genomics.
Vancouver, Canada-based Contextual said that it will use the funding to continue expanding the global distribution of its Find It molecular hotspot assay. Contextual had previously partnered with Sonic Healthcare in Australia and Idengene in Brazil to distribute Find It to cancer patients in those countries.
The firm also plans to further develop its Follow It test, which profiles circulating tumor DNA for the same mutations covered by the tissue test. Like other liquid biopsy launches in recent years, Contextual plans to promote the newer Follow It as a tool to aid diagnosis for patients with widespread metastatic disease, as well as for monitoring tumor burden, treatment response, and resistance over time.
Contextual's Executive Chairman Chris Wagner said in a statement that the company views the investment by PacBridge as "an important validation of … the importance of the products we are developing."
In connection with the investment, former LifeLabs Medical Laboratory Services President and CEO Sue Paish and PacBridge Principal James Lumsdaine will join Contextual's board.