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

Van Hollen visits institute training Baltimore biotech workers

Maryland companies raised $247M in venture funding during the second quarter of 2018

Gemstone Biotherapeutics receives $225K from ‘America’s Seed Fund’

SPONSORED

Baltimore

Win up to $360,000 for your startup at the WeWork Creator Awards

Philadelphia or Baltimore Area

Enigma Technologies

Director, Data Acquisition & Strategy

Apply Now
Philadelphia, PA OR Remote

Stitch, Inc.

Director, Alliances

Apply Now
Baltimore, MD 21201

14 West

Software Trainer

Apply Now

TEDCO has new funding and programming for underserved founders

WindMIL Therapeutics raises $32.5 million

Johns Hopkins spinout LifeSprout raises $6.5 million

SPONSORED

Baltimore

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

Baltimore, MD 21201

14 West

Technical Course Specialist

Apply Now
3500 Boston St, Baltimore, MD 21224

SmartLogic

Sales and Business Analyst

Apply Now
Baltimore, MD 21201

14 West

System Engineer

Apply Now

Sign-up for daily news updates from Technical.ly

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