Biodesix Inc., a Broomfield, CO-based personalized medicine company focused on the development of diagnostic products, has raised $7.1m in Series C financing round.
The investment was led by existing backers – which provided $5.1m – with participation from 5 new shareholders.
Biodesix intends to use the new capital for ongoing commercialization activities for its first product, VeriStrat®, a serum proteomic test that is designed to help physicians guide treatment for patients with non-small cell lung cancer (NSCLC).
As stated by David Brunel, the company’s CEO, this investment will also allow Biodesix to expand studies of VeriStrat’s utility with new drug combinations that can significantly improve outcomes for lung cancer patients.
In addition, the company have been awarded $1.4m in grants from the Qualified Therapeutic Discovery Program, an initiative from the Patient Protection and Affordable Care Act of 2010. The grants will help to advance development of six molecular diagnostic programs in oncology and autoimmune disease.
Both the financing and the grants will advance the company’s clinical validation programs for VeriStrat, including confirming its clinical utility with additional targeted oncology therapies and for other tumor types such as colorectal, breast, and head and neck cancers.