Clinical Genomics, a Edison, N.J.-based developer of diagnostic tools for colorectal cancer, closed a $15m Series A financing round.
The round was led by OneVentures, a venture capital firm headquartered in Sydney, Australia that provides human and investment capital into high growth technology companies with a presence in Australia and the U.S. In connection with the financing, Dr. Paul Kelly, Partner and Managing Director of OneVentures, will join Clinical Genomics’ board of directors.
The company will use the funds to advance commercialization of its two-gene blood test for post-surgical monitoring of colorectal cancer recurrence.
Led by Dr. Lawrence LaPointe, President and CEO, Clinical Genomics develops innovative products for colorectal cancer diagnosis. With a broad intellectual property portfolio consisting of more than 20 issued and pending patents, the company has developed a specific blood test for colorectal cancer based on methylated DNA from two genes, BCAT1 and IKZF1, and plans to offer this 2-gene test for CRC recurrence monitoring in the U.S. beginning later in 2016.
Clinical Genomics, via its wholly-owned subsidiary Enterix Inc., currently offers the patient-preferred colorectal cancer screening InSure® FIT™ assay, a fecal immunochemical test that detects blood in the stool. InSure is also marketed in Australia and other countries (as ColoVantage Home).
The company has offices and laboratories in Bridgewater and Edison, New Jersey and Sydney, Australia, and operates as an FDA-registered and TGA-licensed manufacturer and a NATA-accredited laboratory.