US-based cancer diagnostics tool developer Clinical Genomics Technologies raised $26m in funding on Friday from investors including diagnostic information services provider Quest Diagnostics.
Moelis Australia Asset Management, Regal and OneVentures also contributed to the round.
Clinical Genomics is working on a liquid biopsy blood test, called Colvera, that enables the early detection of recurrent colorectal cancer. The test identifies the DNA of tumour cells circulating in blood.
Colvera was developed in collaboration with Flinders University and Commonwealth Scientific and Industrial Research Organisation. The funding will go towards the commercialisation of the test.
Clinical Genomics has raised $48m over the past two years, according to the latest press release. OneVentures previously led a $15m funding round in 2016.
Kristie Dolan, general manager, oncology, at Quest Diagnostics, said: “Strategic, selective investment in innovators such as Clinical Genomics is part of Quest’s accelerate growth strategy, particularly for advanced services such as genetics and oncology.
“Quest and Clinical Genomics have a track record of bringing advanced diagnostic service capabilities in colorectal cancer to physicians and patients.
“We believe Colvera, like InsureOne, has potential to enhance the early detection of colorectal cancer, serving a major clinical need that could improve patient outcomes.”