Personal Genome Diagnostics (PGDx), a US-based cancer diagnostics developer that counts multiple corporates as investors, secured $103m yesterday in a series C round led by investment firm Cowen Healthcare Investments.
PFM Health Sciences, Rock Springs Capital, Sands Capital, Vensana Capital, Windham Ventures, Catalio Capital Management, Innovatus Capital Partners, Kern Capital, New Enterprise Associates (NEA) and Northpond Ventures also participated in the round.
PGDx is working on genome and tissue-based oncology analysis technology designed to help healthcare professionals provide personalised therapies and treatments to cancer patients. The funding will be used to enhance its products and improve its commercial operations.
Megan Bailey, PGDx’s chief executive, said: “With this funding, we are confident PGDx will be able to maintain a leading position in the field of decentralised tumour profiling, a cornerstone of the future of precision oncology.”
The company had most recently received $42m in funding in October 2018, from investment adviser Innovatus Capital Partners, having previously collected roughly $99m in overall funding.
Pharmaceutical group Bristol Myers Squibb and NEA co-led PGDx’s $75m series B round nine months earlier, investing with Helsinn Investment Fund and Inova Strategic Investments, representing care providers Helsinn and Inova Health System respectively.
Co-win Healthcare Fund, Maryland Venture Fund, Windham Venture Partners and unnamed existing investors filled out the series B round. NEA had led a $21.4m series A round for PGDx in 2015 featuring Nanjing Kaiyuan Growth Capital Investments and Windham Venture Partners.
