(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.
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