|Biodesix CEO David Brunel|
Molecular diagnostics firm Biodesix has been on a fundraising roll this past year, and now the company is adding new funds to its coffers. Biodesix raked in $22 million in a Series F round to spur development of its new immunotherapy tests and market its cancer diagnostics.
Existing shareholders contributed to the round, which brings Biodesix's total raised to date to $60 million. The Boulder, CO-based company plans to use the funds primarily to flesh out its new immunotherapy tests. The products measure protein in the blood of patients with advanced melanoma to see whether they would benefit from treatment with an anti-PD-1 immunotherapy checkpoint inhibitor, an innovative cancer therapy.
"With the introduction of immunotherapies, it is more important than ever to invest in developing appropriate diagnostic tests for emerging therapies," Biodesix CEO David Brunel said in a statement. "Securing this investment allows us to continue to work for the patients we serve."
Biodesix will also put some of the cash toward selling its VeriStrat and GeneStrat tests, which are already on the market in the U.S. and Europe. VeriStrat helps doctors decide on the best treatment for patients with advanced non-small cell lung cancer (NSCLC). GeneStrat pinpoints circulating tumor DNA and RNA for different tumor types to give physicians more information about a patient's condition. Both tools can report results in less than 72 hours, Biodesix said, a fact that the company is quick to point to as the industry focuses on rapid testing.
The latest funding comes months after the company bagged $11 million in Series E financing for its blood-based test for NSCLC. "Biodesix is continuing to focus on advancing the standard of care in cancer by developing and commercializing blood-based diagnostic tests that advance precision medicine--treating the right patient at the right time with the right combination of therapies," Brunel said at the time.
At least in terms of funding, Biodesix seems poised for success. In December 2013, the company reeled in $8.3 million in Series E financing for VeriStrat. A little more than a year later, Biodesix brought in $6.1 million in a follow-on sale of preferred shares to boost sales and marketing. The company also nabbed $12 million in additional Series E financing last January, setting the stage for a big year of fundraising.
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