Personal Genome Diagnostics closes $75M Series B, plans second Baltimore office - Technical.ly Baltimore

Business

Jan. 4, 2018 12:38 pm

Personal Genome Diagnostics closes $75M Series B, plans second Baltimore office

With funding from Bristol-Myers Squibb and others, the cancer testing company plans to develop new test kits with the funding. Hiring is expected with the new product.

Pipettes and test tubes.

(Photo by Flickr user Luca Volpi, used under a Creative Commons license)

Canton-based Personal Genome Diagnostics closed on $75 million in Series B funding and plans to triple its square footage with a new office.

The funding round for PGDx was led by pharmaceutical giant Bristol-Myers Squibb and VC giant NEA. It marked the second investment in the company for NEA, which led a $21.4 million Series A in 2015. Among additional investors were Inova Strategic Investments, Co-win Healthcare Fund, Helsinn Investment Fund, Windham Venture Partners and the Maryland Venture Fund.

The eight-year-old JHU spinout company specializes in cancer tests at the genomic level. The genetic analysis underpinning the tests relies on algorithms, and is designed to provide techniques that are non-invasive. One such test is liquid biopsy, which does not require a tissue sample.

With the funding, the company plans to develop test kits that will enable the specialized testing to be completed outside a lab. Designed to expand access, the tests will need regulatory approval. It widens the focus for the company. In a statement, CEO Douglas Ward said the tests “can also build the commercial engine to deliver our tests to clinical laboratories worldwide.”

“PGDx is a pioneer in cancer genome testing, and we are excited to become a strategic investor as they broaden their focus to develop and market IVD tests and seek to make tumor profiling more accessible to patients.”

PGDx is also expecting to grow its Baltimore footprint. The company currently has 180 employees in its offices along Boston Street in Canton. With expected hiring and product development, the company is slated to open a new location further down Boston Street in Brewers Hill which will triple its current square footage with more lab and office space.

-30-
LEAVE A COMMENT

Advertisement

Fintech startup Cerebro Capital is using data to help midsize companies find loans

Pixelligent raises $7.6M, adds strategic partners

‘TEDCO 2.0’ comes into focus

SPONSORED

Baltimore

How Think|Stack and Year Up are cultivating local tech talent

Baltimore, MD

Fastspot

Business Development Content Specialist

Apply Now
Severna Park, MD

CallTrackingMetrics

Software Engineer

Apply Now
Severna Park, MD

CallTrackingMetrics

Customer Support Engineer

Apply Now

These 5 Anne Arundel County cybersecurity companies got ‘Next Stage’ funding

New York firm leads $40M Series A for Baltimore-based Dracen Pharmaceuticals

TEDCO’s Seed Fund invested $1.2 million in these 5 startups

SPONSORED

Baltimore

Let these free workshops help your business really take off

Timonium, MD

Sage Dining Services

Web Developer-Software Engineer

Apply Now
Baltimore, MD

14 West

Senior PHP / JavaScript Developer

Apply Now
NY, PA, DC, Virtual

SAP

Senior Account Executive, SAP SuccessFactors

Apply Now

Sign-up for regular updates from Technical.ly

Do NOT follow this link or you will be banned from the site!