Agendia has pulled in $65 million in a private round of equity financing, with plans to use the massive cash infusion to advance and expand commercial development of its cancer-focused molecular diagnostic tests.
The moves comes about a year after the Dutch company pulled an IPO worth €90 million ($132 million) over market conditions.
Agendia, which also has a presence in California, is ramping up its ColoPrint recurrence test to determine the prognosis for stage II colon cancer, and also wants to broaden the commercialization of its Symphony line of breast cancer diagnostic tests. Another agenda item on its plate: fueling a personalized medicine diagnostics pipeline.
Swiss drug development company Debiopharm led the financing round. Current investors--the Van Herk Group, ING Corporate Investments, Breedinvest and Gilde Healthcare--also participated, along with some new ones such as Korys.
Agendia CEO David Macdonald said in a statement that he sees the large funding round as "a strong reflection of our recent growth," as well as a strong vote of confidence in the commercialization prospects of the company's product pipeline. Interesting to note: Agendia says it is collaborating with pharmaceutical companies, as well as "leading cancer centers and academic groups," in its push to develop new companion diagnostic tests.
- here's the release