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Saga Diagnostics Raises $12.5M in Series A2 Financing

NEW YORK – Saga Diagnostics said on Tuesday that it has raised SEK 106 million ($12.5 million) in a Series A2 financing round.

The funding round was led by Segulah Medical Acceleration and the Sciety investment syndicate, with additional funding from existing shareholders including Hadean Ventures.

The Swedish firm aims to use the funding to extend its range of CE-marked SagaSafe (formerly IBSafe) digital PCR assays, accelerate the commercialization of SagaSign (formerly KROMA) method in minimal residual disease testing, launch the SagaSeq platform, establish CLIA-laboratory capabilities, execute clinical studies, and perform other expansion activities.

Saga said that its platform which is based on digital PCR and next-generation sequencing can be used to stratify cancer patients, monitor therapy response, identify disease relapse, and guide treatment decisions. Its products can also be used as companion diagnostics.

"The funds will enable us to execute on our ambitious growth plans," Lao Saal, CEO of Saga, said in a statement. "We will offer a wide range of regulatory-approved assays and services using all our three technology platforms and to broaden our reach to further markets."

Earlier this month, Saga said it is expanding its ongoing research collaboration with the University College London Cancer Institute.