Investment adviser Innovatus Capital Partners has agreed to provide up to $42m in funding for Personal Genome Diagnostics (PGDx), a US-based oncology diagnostics developer backed by several corporate investors.
PGDx is developing in vitro genomic liquid and tissue-based biopsy products that will be able to help physicians fine tune treatments for cancer patients based on the precise characteristics of their disease.
The company had previously raised approximately $99m in equity financing, most recently securing $75m in a January 2018 series B round co-led by pharmaceutical company Bristol Myers-Squibb and venture capital firm New Enterprise Associates (NEA).
The round included Inova Strategic Investments and Helsinn Investment Fund, respective vehicles for healthcare providers Inova Health System and Helsinn, as well as Co-win Healthcare Fund, Windham Venture Partners, Maryland Venture Fund and unnamed existing backers.
PGDx had received $21.4m in a series A round led by NEA and backed by Windham Venture Partners and Nanjing Kaiyuan Growth Capital Investments in 2015.
