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.

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-
CONTRIBUTE TO THE
JOURNALISM FUND

Already a contributor? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

David Hall of Revolution looks beyond New York and Silicon Valley

With a $6.8M raise, Maryland’s Circonus has eyes on making Philly its HQ

Public safety cybersecurity firm SecuLore Solutions wins $750K in federal funding

SPONSORED

Baltimore

How this entrepreneurial-minded lawyer is helping set founders up for long-term growth

Baltimore, MD

SmartLogic

Developer

Apply Now

Philadelphia

Urban Outfitters

Urban Outfitters: Jr. Motion Graphic Designer

Apply Now

Philadelphia

URBN

URBN: User Experience (UX) Designer

Apply Now

Village Capital cofounder Victoria Fram is the first guest on ‘Off the Sidelines,’ our new investor education podcast

Pinkaloo raises $1.25M, led by Baltimore’s Squadra VC

UMB licenses technology to Y Combinator-backed biotech startup

SPONSORED

Baltimore

Technology is ever evolving — shouldn’t business education be, too?

Baltimore

14 West

F5 Engineer

Apply Now

Hunt Valley, MD

LawIQ

SOFTWARE ENGINEER – FULL TIME OPPORTUNITY

Apply Now

Annapolis Junction, MD

Asymmetrik

SOFTWARE ENGINEER

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!