Biological Dynamics, Inc., a San Diego, CA-based molecular diagnostics company, completed a $26.8m financing round.
The round, consisting of a combination of Series C investment and convertible debt, was led by a large institutional investor associated with a major university. Backers included Heritage Group, Alexandria Venture Investment, and Irwin Jacobs, the co-founder of Qualcomm.
The company intends to use the funds to advance regulatory clearance for its lead oncology diagnostic program, TR(ACE)TM assay, and for general working capital purposes.
Led by Raj Krishnan, CEO, Biological Dynamics develops proprietary lab-on-chip platform that isolates nanoparticles from high conductance physiological solutions such as whole blood, plasma, and serum directly without the need for dilution and with minimal hands-on time. Blood based nanoparticles have been shown to be clinically relevant in a number of therapeutic areas, including oncology, transplant health, and reproductive medicine.
The company’s first product, the TR(ACE)TM assay, will utilize the platform for monitoring treatment response in oncology. It is currently for research use only.