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Personal Genome Diagnostics closes $75m financing round

MDBR Staff Writer Published 08 January 2018

Personal Genome Diagnostics (PGDx) has secured $75m funding to bring regulated in vitro diagnostic (IVD) genomic tests to cancer patients globally.

PGDx was founded in 2010 by Luis Diaz and Victor Velculescu to help bring novel diagnostic approaches to cancer patients. 

Based in Baltimore, the company develops a portfolio of regulated tissue-based and liquid biopsy genomic products for laboratories globally.

The series B financing round was co-led by new investor Bristol-Myers Squibb (BMS) and existing investor New Enterprise Associates (NEA).

Other new and existing investors participated in the round include Inova Strategic Investments, Co-win Healthcare Fund, Helsinn Investment Fund, Windham Venture Partners, Maryland Venture Fund and undisclosed investors.

PGDx will use the funding to offer regulated IVD genome testing to cancer patients and their physicians across the world.

The program will allow to provide suitable treatments as per the specific characteristics of each patient's cancer.

BMS business development head and senior vice president Paul Biondi said: "We are leveraging translational medicine and data analytics internally and through important partnerships to understand how we can deliver the right medicine to the right patient at the right time to achieve the best outcome.”

PGDx CEO Douglas Ward said: "PGDx was established to further our founders' work at the forefront of uncovering the key genomic drivers of clinical response, such as the selection of immune checkpoint inhibitors based on microsatellite instability and tumor mutation burden.

“We believe that tailoring therapies to these drivers of response is best accomplished by making testing available where patients are treated, and we aim to achieve this is by providing regulated IVD tests that can be run by local laboratories.”

 


Image: PGDx will use funding to provide regulated IVD genome testing to cancer patients and their physicians across the globe. Photo: courtesy of Suat Eman / FreeDigitalPhotos.net.