Welcome to Dx Digest, where FierceMedicalDevices highlights the highs and sometimes lows of the past week in the diagnostics industry. Quanterix roped in $46 million in financing to expand its testing portfolio. Provista Diagnostics reeled in more than $5 million to spur development of its proteomic-based diagnostic, prognostic and monitoring tests for early cancer detection in women. Last but certainly not least, HTG Molecular Diagnostics inked a deal with testing giant Thermo Fisher Scientific to develop tests that runs with Thermo Fisher's sequencing platform. Read on for the details. And as always, feel free to contact us with any comments or questions. -- Emily Wasserman (email | Twitter)
Quanterix locks down $46M in Series D round to expand global reach
Lexington, MA-based Quanterix has been on a roll this past year, and now, the company is adding another milestone to its recent history. The company brought in $46 million in a Series D round to broaden its international footprint and flesh out its testing menu.
New investors ARCH Overage Fund, Cormorant Asset Management and Trinitas Capital led the round, and existing investors including ARCH Venture Partners, Bain Capital Ventures, Tufts University and Hercules Capital also chipped in funds. Quanterix plans to use the financing to add new products to its portfolio and beef up its global presence.
"With the proceeds from this raise, we will launch desktop instruments in 2017, develop 60 new assays by year end 2016 and further expand our global reach. Also, based on recent impressive publications from industry researchers, we are increasing our focus on oncology and the field of liquid biopsies," Quanterix CEO Kevin Hrusovsky said in a statement.
The latest fundraise builds on the company's recent progress. Earlier this year, Quanterix tapped Cold Spring Biotech to distribute its Simoa diagnostic device in China as part of its marketing push in Asia. The company also said that it was considering an IPO. But the timing would depend on market conditions and dealmaking opportunities, Hrusovsky said in January. More
Provista Diagnostics brings in $5M for women's health diagnostics
It was a busy week in diagnostics fundraising, and Provista Diagnostics got in on the action. The New York City-based company roped in $5.25 million in preferred funding for its proteomic-based diagnostic, prognostic and monitoring tests for the early detection of cancer in women.
The funding comes months after Provista locked down $6 million in a Series A-2 round from existing investors. The company plans to use proceeds to bolster commercialization for its tests, run clinical trials, hire new management and support corporate activities, Provista said in a statement.
"We are grateful to our investors for believing in Provista's mission as we bring to market the next generation of diagnostics to improve women's health," Provista CEO David Reese said in a statement. "These investments will help produce new diagnostic tests for early cancer detection to aid physicians in making more accurate diagnoses that will ultimately help produce more precise outcomes for patients." Statement
HTG Molecular Diagnostics strikes in vitro Dx deal with Thermo Fisher Scientific
It's been almost a year since HTG Molecular Diagnostics ($HTGM) launched its $50 million IPO, and now, the company is getting busy on the dealmaking circuit. The Tucson, AZ-based company inked a deal with Thermo Fisher Scientific ($TMO) to develop in vitro diagnostic tests that run on Thermo Fisher's next-generation sequencing (NGS) platform.
Under the terms of the agreement, HTG will have the right to develop "a number of in vitro diagnostic (IVD) tests" for use with Thermo Fisher's Ion PGM Dx System, the company said in a statement. The long-term deal supports HTG's earlier plans to "develop additional profiling panels and grow our market opportunities," the company said in a filing last year. And leveraging Thermo Fisher's sequencing prowess could only help HTG as it charges ahead with growth.
"We believe the combination of HTG EdgeSeq chemistry and automation platform with the Ion Torrent next-generation sequencing (NGS) platform is a great solution for clinical sequencing workflows in molecular diagnostic laboratories," HTG CEO TJ Johnson said in a statement. "We believe this agreement will provide us important options for our planned diagnostic menu." Release