Personal Genome Diagnostics gets new investment for cancer test development - Technical.ly Baltimore

Business

Oct. 4, 2018 2:07 pm

Personal Genome Diagnostics gets new investment for cancer test development

Innovatus Capital Partners is providing the Canton-based company with up to $42 million as it looks to open up access to genomic-level cancer tests.
Lab space at Johns Hopkins’ FastForward 1812.

Lab space at Johns Hopkins' FastForward 1812.

(Photo by Stephen Babcock)

Canton-based Personal Genome Diagnostics received its second investment in a year that could total in the tens of millions.

New York–based investment firm Innovatus Capital Partners announced a capital infusion into the Johns Hopkins spinout of “up to $42 million,” according to a news release. Further terms were not disclosed.

PGDx CEO Doug Ward said Innovatus’ experience in life science makes the firm an “ideal partner.”

“This transaction is representative of the Firm’s commitment to providing creative financing solutions to life sciences companies that bring noteworthy and innovative advances in diagnostic solutions to market,” Claes Ekstrom, Managing Director of Innovatus, said in a statement. “We look forward to building a strong long-term relationship with the team at PGDx.”

PGDx develops tests for cancer at the genomic level, which incorporate sequencing algorthims to find alterations in genomes associated with cancer. The company is developing tests of both tissue samples and blood, the latter of which is known as “liquid biopsy.” Innovatus is specifically backing a PGDx initiative to develop in-vitro diagnostic tests that can be utilized by local laboratories around the world. The company said the regulated tests would open up access to its screening methods that could allow treatments to be tailored to a specific kind of cancer.

One such liquid biospy developed by PGDx received “breakthrough device” designation from the FDA earlier this year, which is designed to fast track regulatory approval to get a product into patient hands. The test does not require surgery, and can be “kitted.”

Eight-year-old PGDx also received funding for its in vitro tests through a $75 million Series B round that closed earlier this year, co-led by Bristol-Myers Squibb and NEA.

Headquartered along Boston Street, PGDx opened a second office in Brewers Hill this year.

Advertisement

-30-
BECOME A CONTRIBUTOR TO THE JOURNALISM FUND TO COMMENT
Already a contributor? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

University of Maryland awarded $200M for flu vaccine research

AgeneBio receives $3.4M for development of Alzheimer’s treatment

Frederick’s Veralox Therapeutics raises $5.4M seed round

SPONSORED

Baltimore

Why two eminent Baltimore higher-ed institutions collaborated to create this unique dual degree program

Baltimore

Protenus

DevOps Engineer

Apply Now

Philadelphia

Vistar Media

Sr. Software Engineer

Apply Now

Philadelphia

Vistar Media

Front End Engineer

Apply Now

Protenus raises $17M in Series C funding round

NextStep Robotics receives $1M through NIH agreement

VitusVet gets investment from Nationwide Insurance

SPONSORED

Baltimore

What Asymmetrik is doing to help lead healthcare’s digital transformation

Baltimore, MD

14 West

BI TechOps Analyst

Apply Now

Baltimore, MD

14 West

Scrum Master

Apply Now

Baltimore, MD

14 West

Lead Qlik 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!