Pathwork Diagnostics, Inc., a Redwood City, Calif.-based molecular diagnostics company focused on oncology, closed its $30m Series C financing.
The round was led by Alta Partners, with participation from existing investors Abingworth, Advent Venture Partners, Novus Ventures, Prospect Venture Partners and Venrock.
In conjunction with the funding, David Mack, Ph.D., Director at Alta Partners, joined Pathwork Diagnostics’ board of directors.
As also stated by Deborah J. Neff, CEO at Pathwork, this financing provides the resources to support the company’s commercial activities and expand its product offerings.
The company’s Tissue of Origin Test identifies the source of cancers that are difficult to classify and increases oncologists’ confidence in their treatment approaches. The test works on formalin-fixed, paraffin-embedded (FFPE) tissues, which is the most common clinical specimen type. The accurate and reproducible results are evaluated by the physician in the context of the patient’s clinical history and complementary diagnostics.
The test recently received U.S. Food and Drug (FDA) clearance. Pathwork also recently signed a diagnostic discovery partnership in oncology with Novartis.