Biofidelity Raises $24M in Funding

Biofidelity, a Cambridge, UK- and Morrisville, NC-based genomic technology company, raised $24M in funding.

Backers included Agilent Technologies, Octopus Ventures, BlueYard Capital, and Longwall Ventures.

Led by Dr. Barnaby Balmforth, CEO, Biofidelity is a commercial-stage genomic technology company dedicated to improving and extending the lives of patients with cancer by enabling better targeting of therapies, early detection of treatment resistance and routine monitoring of treatment response.

The company intends to use the funds to accelerate growth, including commercial and clinical expansion in the United States to accelerate the adoption of ASPYRE^®-Lung, a novel test that simplifies and accelerates the detection of biomarkers for non-small cell lung cancer (NSCLC), enabling clinicians to determine which treatment is best for each patient in days instead of weeks and at a fraction of the cost of current sequencing tests. Additionally, the new investment will enable the establishment of a dedicated manufacturing facility in the United Kingdom and drive pipeline expansion efforts across the company’s technology platforms.

Commenting on the news, Barnaby Balmforth said: “This significant investment underlines the confidence of our investors in Biofidelity’s unique technologies and our mission to bring the benefits of precision medicine to all patients.”

FinSMEs

03/04/2024