US-based personalised medicine producer AltheaDx has secured $30m in a series C round led by WuXi Healthcare Ventures, the venture capital firm backed by medical research company WuXi PharmaTech.
Wuxi PharmaTech also invested separately in the round, alongside private equity firm Ally Bridge and investment firm Alma Life Sciences.
Founded in 2008, AltheaDx has developed a platform called IDgenetix that enables healthcare professionals to determine the best therapy for a patient suffering from conditions such as cardiovascular disease or a neuropsychiatric disorder.
The funding will go towards trials of IDgenetix, further product development and an increase of AltheaDx’s commercial capabilities. The company is also considering an international expansion.
AltheaDx previously secured a total of $11m in funding between 2009 and April 2014, according to regulatory filings.
The company filed for a $69m initial public offering in December 2014 but withdrew it in March 2015 citing unfavourable market conditions. The IPO filing revealed that Telegraph Hill Partners and Alma Life Sciences were theonly firms to have invested at that point.
WuXi Healthcare Ventures acts as an early-stage venture capital firm and closed its second fund at $290m on Monday, with a cornerstone investment of $50m by WuXi PharmaTech.