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-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

Ion Storage Systems raises $8M for solid state battery development

A trio of Baltimore institutions are forming partnerships with Baxter International

Johns Hopkins-founded startup developing blood test to detect cancer raises $110M

SPONSORED

Baltimore

Building a data acquisition system? Don’t make this mistake

Baltimore

14 West

Senior Java Software Engineer

Apply Now
Baltimore, MD 21201

14 West

Senior Data Engineer

Apply Now

UMB startup NextStep Robotics raises $600K for device treating foot drop

Xometry raises $50M, led by Owings Mills-based Greenspring Associates

Clean Creative is now clean.io, raises $2.5M seed round

SPONSORED

Baltimore

How SmartLogic accelerated these startups’ product growth trajectories

Baltimore, MD

SmartLogic

Product Designer

Apply Now
Baltimore, MD 21201

14 West

Customer Success Associate

Apply Now
Baltimore, MD

SmartLogic

Developer

Apply Now

Sign-up for daily news updates from Technical.ly Baltimore

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