NEW YORK (GenomeWeb) – Paradigm Diagnostics announced today that it has secured an additional $3 million in funding as part of a planned $7 million Series B round of financing.
The investment was made by New Science Ventures and follows a $3.5 million investment led by Mesa Verde Venture Partners in November. New Science Ventures Partner Grace Colón also joined Paradigm's board.
The company said that it intends to use the proceeds of the Series B round to accelerate commercial adoption of its flagship product, PCDx — a comprehensive targeted next-generation sequencing test designed to help personalize cancer treatments by identifying the underlying genomic and proteomic alterations in a tumor.
"This financing will help us to more broadly provide our solution to oncologists and patients," Paradigm President and CEO David Mallery said in a statement. "New Science Ventures' support also allows us to expand our cancer registry to build on the recent publication of our prospective clinical trial publication showing improved progression-free survival."
That study, which tracked results from the clinical use of PCDx in Indiana University's Health Precision Genomics Program between April 2014 and October 2015, showed that survival was significantly longer for patients who received genomically guided therapy than for those who did not.
Mallery told GenomeWeb that he expects Paradigm to receive an additional $500,000 investment by the end of March, closing out the Series B round.