Biofidelity, a Cambridge UK-based cancer diagnostic company, raised $23M in Series A+ funding.
The round was led by Octopus Ventures and backed by SBI Investment Co. Ltd., and existing investors.
The company intends to use the funds to expand its development efforts and launch ASPYRE-Lung, its first commercial diagnostic assay based on its molecular technology.
Led by CEO Dr. Barnaby Balmforth, Biofidelity is a molecular diagnostics company unlocking the benefits of precision medicine for all patients by increasing access to early detection, precision diagnosis and routine monitoring. ASPYRE is a completely new category of molecular diagnostic technology that simplifies and accelerates the detection of genomic biomarkers. The technology has been developed to run on existing PCR machines, the same instrumentation used for COVID-19 testing, making comprehensive genomic biomarker analysis accessible to far more patients around the world. The information generated will help physicians to identify patients who may benefit from targeted precision cancer therapies which offer better outcomes for patients, including improved survival and fewer side effects.
While the company’s initial focus is on non-small cell lung cancer (NSCLC), it intends to expand this to broad application across the $15 billion cancer testing market.
FinSMEs
01/02/2022