Cambridge liquid biopsy business Inivata has raised $35 million in a second close of a Series C financing round.
The round was led by Soleus Capital and joined by new investors including Janus Henderson Investors and Farallon Capital alongside existing backer IP Group.
This latest success takes the total raised in the Series C to $60m and follows a $25m investment by Nasdaq-quoted NeoGenomics last year alongside the formation of a strategic collaboration with Inivata.
The new funds will primarily be used to accelerate the clinical development and continued rollout of RaDaR™, the UK company’s highly sensitive personalised assay for the detection and monitoring of minimal residual disease (MRD) and recurrence.
RaDaR’s initial application has been in clinical trial settings for patients who have previously received a cancer diagnosis and Inivata has been focused on securing biopharma collaborations that utilise the assay.
The latest financing will enable Inivata to build a clinical development program which will bring the benefits of RaDaR to patients more directly.The proceeds will also drive the continued commercial rollout of Inivata’s InVisionFirst®-Lung liquid biopsy test.
Inivata CEO Clive Morris said: “RaDaR has demonstrated exceptional sensitivity and specificity which is key to unlocking the true potential of liquid biopsy for the detection of MRD and recurrence in patients who have previously been diagnosed with cancer.
“This new financing will enable us to continue to build momentum with our RaDaR assay alongside the continued commercialisation of InVisionFirst-Lung, our test for advanced NSCLC.”
Inivata’s InVision® platform unlocks essential genomic information from a simple blood draw to guide and personalise cancer treatment, monitor response and detect relapse.
Its technology is based on pioneering research from the Cancer Research UK Cambridge Institute, University of Cambridge.
Inivata is partnering with pharma and biotech companies and commercial partners in a range of early and late-stage cancer development programs.Article sourced from Business Weekly