bioTheranostics, a San Diego, CA-based developer of molecular diagnostics for cancer, closed a $32m private equity financing.
The round was led by MVM Life Science Partners, with participation from Canepa Advanced Healthcare Fund and HealthQuest Capital. As a result of the financing, bioTheranostics will be spun out from bioMérieux, which will remain a minority shareholder, and operate as an independent company.
The company intends to use the funds to grow its commercial presence and expand its clinical development programs with the goal of expanding the clinical indications for the BCI test.
Led by Nicolas Barthelemy, President and CEO, bioTheranostics offers a suite of proprietary molecular diagnostic tests that allow treatment to be tailored to individual patients. The company’s Breast Cancer IndexSM enables oncologists to make decisions about extended endocrine therapy for ER+ breast cancer patients based on its ability to predict risk of late disease recurrence and identify which patients are likely to benefit from continuing therapy beyond five years. Its CancerTYPE ID® is a validated gene expression test for metastatic patients with diagnostic ambiguity, allowing physicians to determine optimal site-directed treatment regimens.