 |
| Biodesix CEO David Brunel |
Molecular diagnostics outfit Biodesix raked in $11 million in additional Series E financing to develop its blood-based test for non-small cell lung cancer (NSCLC), months after the company locked in new funds to support its commercialization efforts.
Boulder, CO-based Biodesix has raised $27 million in Series E funds between 2013 and 2015, bringing in total proceeds to date of about $38 million. Existing shareholders contributed the latest funding, which will go toward developing new products and expanding marketing for its GeneStrat and VeriStrat tests, the company said in a statement. Biodesix's VeriStrat is a blood-based serum protein test that helps physicians find the best therapy for patients with advanced lung cancer. The company touts the tool as quicker than traditional screening methods, as it can report results in less than 72 hours. VeriStrat is already marketed in the U.S. and Europe.
"Biodesix is continuing to focus on advancing the standard of care in cancer by developing and commercializing blood-based diagnostic tests that advanced precision medicine--treating the right patient at the right time with the right combination of therapies," Biodesix CEO David Brunel said in a statement. "Securing this investment enables us to continue work on diagnostics that help inform treatment decisions and improve patient care in a cost-effective manner."
The latest spate of funding adds more cash to Biodesix's coffers to expand its portfolio and bolster existing products. In December 2013, the company grabbed $8.3 million in Series E financing to develop 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 for its lung cancer test. In January, the company scored $12 million in additional Series E financing, setting the stage for increased investment in the year to come.
Still, Biodesix faces its fair share of competition in the field as med tech outfits develop their own lung cancer tests. In October, Biocept ($BIOC) struck a deal with Rosetta Genomics ($ROSG) to create a molecular diagnostics test that could help predict patients' responses to new or existing treatments by screening circulating tumor cells. In May, Veracyte ($VCYT) unveiled promising results for its lung cancer test, showing the tool worked better than a bronchoscopy alone in determining an individual's risk for developing the disease.
- read the release