AAA BioTheranostics leaves the BioMérieux nest with $32m

BioTheranostics leaves the BioMérieux nest with $32m

BioTheranostics, a US-based cancer-focused molecular diagnostics provider, has been spun out of biotechnology firm BioMérieux, securing $32m in a funding round led by venture capital firm MVM Life Science Partners.

The round also featured investment fund Canepa Advanced Healthcare Fund and VC firm HealthQuest Capital. BioMérieux will remain a minority shareholder in BioTheranostics following the deal, though further details about its stake have not been revealed.

BioTheranostics provides a range of molecular diagnostic tests that help enable personalised cancer treatments. The company’s breast cancer index test, which quantifies the risk of reoccurrence, was approved by US social insurance program Medicare in 2014.

BioTheranostics expects to use the money to expand its market share and clinical development programs, with the aim of widening indications for the breast cancer index test.

Eric Bednarski, partner at MVM, said: “We are fortunate to invest in BioTheranostics. The company has demonstrated a strong track record of clinical innovation and exceptional commercial growth driven by molecular diagnostic tests that provide meaningful, personalised information to improve cancer diagnosis and treatment.

“We look forward to the future of the business and are pleased to be partnering with the company’s outstanding management team and our co-investors.”

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