Personal Genome Diagnostics Announces Close of $103 Million Series C Financing
Personal Genome Diagnostics Inc. (PGDx), a leader in cancer genomics, today announced the close of a $103 million Series C financing.
The financing was led by Cowen Healthcare Investments and joined by new and existing investors including Northpond Ventures, Vensana Capital, Rock Springs Capital, Kern Capital, Sands Capital, PFM Health Sciences, Windham Ventures, New Enterprise Associates, Innovatus Capital Partners, Catalio Capital Management, and others.
Concurrent with the financing, Kevin Raidy, Managing Partner of Cowen Healthcare Investments, and Lily Li, Principal with Northpond Ventures, have joined the PGDx Board of Directors. PGDx intends to use the proceeds of the financing to expand the company’s tissue-based and liquid biopsy portfolio and its global commercial footprint to support growth.
The added commercial and operational infrastructure will enable broader access to and adoption of PGDx’s elio™ oncology products, while supporting the expansion of the company’s pharma and biotechnology partnerships to identify novel cancer biomarker targets and accelerate biomarker-driven therapy development. “We are grateful to receive such enthusiastic support from new and existing investors of this caliber, and are pleased that each of them shares our vision of a future where all patients have access to their genomic information to better inform their treatment decisions,” said Megan Bailey, PGDx Chief Executive Officer.
“As an organization, we remain committed to enabling the highest quality personalized molecular diagnostics performed locally, from academic medical centers to community hospitals in the United States and in countries around the world. With this funding, we are confident PGDx will be able to maintain a leading position in the field of decentralized tumor profiling, a cornerstone of the future of precision oncology.”
Today’s financing announcement follows several successful regulatory and commercial milestones in the past year. PGDx gained significant commercial momentum in 2020, achieving FDA clearance in April for PGDx elio™ tissue complete, the industry’s first and only diagnostic kit for comprehensive genomic profiling that is cleared for use by any laboratory in the country.
The company also secured positive Medicare coverage decisions and signed several notable strategic partnership agreements. “PGDx’s vision of enabling access to precision medicine for millions more patients, and their demonstrated ability to execute commercially gives us a great deal of confidence in the company’s future,” said Kevin Raidy, Managing Partner at Cowen Healthcare Investments. “The PGDx elio™ platform represents the first-of-its-kind, FDA-cleared kit that enables labs to perform comprehensive tumor profiling on-site.
Meeting the significant market and patient need for this with the only regulated option represents a sizable opportunity to drive growth, build shareholder value, and improve outcomes for cancer patients globally. We are thrilled to partner with PGDx in advancing decentralized NGS testing, changing the standard of care in oncology.”