DiaTech Holdings Inc. (DiaTech Oncology) , a Franklin, Tenn.-based provider of a drug response profiling test for oncologists to provide personalized cancer treatment, has entered into a $75M asset-backed funding agreement with Keyholder Investments.
The company will use the funds to accelerate efforts to conduct research and refine their platforms.
Led by Robert E. Henry, president and chief executive officer, Ian Ferrier, MD, PhD, interim head of research and development and strategic advisor, and Andy Miller, co-founder and interim chairman, DiaTech is a life sciences and clinical pathology laboratory company that offers patient-specific chemotherapy testing for oncologists to determine a cancer treatment plan for their patients.
The company utilizes a patented technology called the Microculture Kinetic (MiCK®) assay, which measures apoptosis (cell death) induced in a specific patient’s cancer cells by chemotherapy. Now called CorrectChemo, the test evaluates the chemotherapeutic drug effect for a specific patient and can tell which chemotherapy drugs are effective in inducing cancer cell death. It is also used to determine the effectiveness of new drugs in preclinical trials for the pharmaceutical industry.
DiaTech has CLIA and CAP certified laboratories in Franklin, Tenn. and Montreal, Canada.
According to a note, the company is expected to grow from 21 to 120 employees by 2017 and a new research office will be opened in Bernardsville, New Jersey.