Molecular diagnostics firm Biological Dynamics roped in $26.8 million in a Series C round to support development of its lab-on-a-chip testing device for cancer, a feather in the company's cap as it chases regulatory approval for its product.
A "large institutional investor associated with a major university" led the round, with new and existing investors including Heritage Group, Alexandria Venture Investment and Qualcomm ($QCOM) co-founder Irwin Jacobs chipping in funds, Biological said in a statement. The San Diego, CA-based company plans to use the financing, which comprises debt and investment, to spur regulatory clearance for its TR(ACE) test and for general working capital purposes.
Biological's lab-on-a-chip platform draws on alternating current electrokinetics (ACE) technology to separate nanoparticles from whole blood, plasma and serum samples and quickly pinpoint cell-free DNA, exosomes and other cellular debris. The company's flagship product, TR(ACE), uses the device to see how well patients respond to cancer therapy.
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| Biological Dynamics CEO Raj Krishnan |
About $100 billion is spent on cancer drugs each year, and oncologists usually only have a small window of opportunity to decide which treatment will work the best for patients, the company said in a statement. Biological's test is minimally invasive and picks up on important signs of cancer in less than 30 minutes, potentially offering an advantage over other products used to track patients' response to treatment.
"Treatment response monitoring (TRM) is a key piece of patient care," CEO Raj Krishnan said in a statement. "We believe TR(ACE) will resolve many limitations of existing TRM toolsets, enabling doctors and patients to navigate cancer care with greater clarity. The new funding will help us to execute on our regulatory strategy and to bring TR(ACE) to the clinic."
- read the statement