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

Wound-tracking startup Tissue Analytics raises $5M Series A

Noxilizer is moving from UM BioPark to Anne Arundel County

In 2017, venture capitalists invested more money in fewer startups

SPONSORED

Baltimore

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

Baltimore

Terbium Labs

Analyst

Apply Now
Owings Mills, Maryland

Mind Over Machines

Consultant (Software Developer)

Apply Now
Baltimore

Protenus

Data Engineer

Apply Now

Camden Partners’ early-stage venture fund makes final close

Gov. Hogan wants more tech internships, STEM degrees in Maryland

These 3 entrepreneurs just got funding from the Minority Business Pre-Seed Fund

SPONSORED

Baltimore

Let these free workshops help your business really take off

Baltimore

Protenus

Front-End Developer

Apply Now
8 Market Pl, Suite #402, Baltimore, MD, 21202

PaRaBaL

Development Support Engineer

Apply Now
8 Market Pl, Suite #402, Baltimore, MD, 21204

Parabal Inc.

Enterprise Mobility Engineer

Apply Now

Sign-up for regular updates from Technical.ly

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