US-based oncology testing technology provider Paradigm Diagnostics has completed a $15m series B round following an extension backed by OSF Healthcare Ventures, the corporate venturing arm of healthcare provider OSF Healthcare.
The initial $3.5m tranche was led by venture capital fund Mesa Verde Venture Partners in late 2016, before VC firm New Science Ventures added $3m in 2017. A securities filing suggested the company had raised a total of $8.9m for the round as of June 2018.
Gore Range Ventures, Tech Coast Angels’ San Diego and BlueStone Venture Partners were also part of the extension, while Prairie Ventures was described as a participant and, like Mesa Verde and New Science, a founding investor in Paraidgm. The company has not disclosed any previous funding.
Founded in 2012, Paradigm has created a testing platform that provides physicians with information on the causes of particular cancers in addition to potential treatments and relevant clinical trials, enabling them to tailor treatment to a specific tumour.
Proceeds from the round will be used to support commercialisation of the Paradigm Cancer Diagnostic (PCDx) test.
Mara Aspinall, managing director at BlueStone Venture Partners, has joined the company’s board of directors in conjunction with the round. John Friedman, managing director of Gore Range Capital, has taken a board observer position.