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| Integrated Diagnostics CEO Albert Luderer |
Seattle's Indi, or Integrated Diagnostics, pulled in an astounding $47.25 million in new financing designed, in part, to further a test that helps identify benign lung nodules.
The money comes in two chunks: a $30.25 Series B, and $17 million in nondilutive debt financing from Life Sciences Alternative Funding LLC. Baird Capital led the financing round, and existing investors InterWest Partners and the Wellcome Trust also participated.
It's an impressive round of financing for a diagnostics company, and perhaps speaks to its novel approach: Indi's Xpresys Lung test is designed to spot lung nodules most likely to be benign. The idea is that the molecular diagnostic blood test would help avoid expensive biopsies or treatment for lung cancer that could follow an inconclusive test result, given as a precaution. If successful, such a test could help save the healthcare system lots of money. And in the wake of the Affordable Care Act and other measures meant to better manage healthcare costs, saving money is something that is drawing plenty of investor attention in the space.
Another advantage: Xpresys launched in late 2013, so it already has passed plenty of hurdles. Funding will help to expand commercialization efforts for the test, as well as to also develop new proteomic blood tests using the same basic technology platform. Xpresys relies on multiple reaction monitoring mass spectroscopy.
Albert Luderer, Indi's president and CEO, said in a statement that the new funding reflects the belief of both investors and the company's management that "Xpresys Lung has the potential to achieve blockbuster status."
- read the release