UK-based oncology genomics technology developer Inivata closed a £31.5m ($45m) series A round today featuring Johnson & Johnson Innovation – JJDC, the corporate venturing arm of healthcare group Johnson & Johnson.
The round also included university venturing fund Imperial Innovations, which invested $14.3m, the Cambridge University-affiliated Cambridge Innovation Capital and investment trust Woodford Patient Capital Trust.
Inivata is working on oncological diagnostics technology that uses a blood test for circulating tumour DNA analysis that can reveal the presence of cancer and indicate an individual’s response to treatment.
Imperial Innovations led a $6m seed round for Inivata in September 2014 that also included JJDC and Cambridge Innovation Capital.
The series A capital will fund clinical studies for Inivata’s technology platform, which will initially focus on solid tumours such as lung, breast and colon cancer, and to commercialise its first products.
Michael Stocum, Inivata’s chief executive, said: “Since Inivata’s seed funding sixteen months ago, the market has seen an explosion of interest and funding in liquid biopsy research.
“With our early presence in Cambridge, UK and our imminent presence in the USA, we are well-placed to be forerunners in the practical application of liquid biopsy for clinical oncologists.”