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-