Biodesix, Inc., a Boulder, Colo.-based molecular diagnostics company that develops and commercializes blood-based tests in oncology enabling physicians to make more precise diagnostic and therapeutic decisions, raised an additional $12m in Series E funding.
Existing shareholders provided nearly all of the capital in this round which is in addition to the $15m of series E shares raised in 2013 and 2014.
The company intends to use the funds for ongoing development of its technology platform, new product development and expansion of commercial efforts to support VeriStrat®, as well as new product launches.
Led by David Brunel, Chief Executive Officer, Biodesix focuses on providing physicians with diagnostic tests for earlier disease detection, accurate diagnosis, disease monitoring and better therapeutic guidance. The company discovers, develops and commercializes multivariate protein diagnostics based on proprietary data analytic and mass spectrometry-based discovery platform. VeriStrat, a multivariate serum protein test, is its first product developed with this technology. The commercially available test provides oncologists with predictive and prognostic information to help them select between erlotinib and single-agent chemotherapy for advanced lung cancer patients. Tests are processed in Biodesix’ CLIA-certified laboratory and results are generally reported in less than 72 hours. In addition to developing novel diagnostics independently, the company also partners with biotechnology and pharmaceutical companies to develop companion diagnostics to improve utility of therapeutic agents.