US-based biotechnology company Purigen Biosystems closed an $18.2m series A round on Tuesday backed by Roche Venture Fund, the corporate venturing unit of pharmaceutical firm Roche.
The round also featured Stanford University’s StartX Fund, which backs companies with a connection to the institution, 5AM Ventures and Western Investments Capital.
Founded in 2012, Purigen is developing a platform that purifies DNA or RNA samples to make cancer easier to detect through existing approaches. The technology is based on research by Juan Santiago, professor of mechanical engineering at Stanford.
Purigen will use the money to accelerate research and development as well as commercialisation of its technology. The company hopes to begin sales in the first half of 2017.
Tracy Saxton, investment director at Roche Venture Fund, and Andy Schwab, managing director at 5AM, will join Purigen’s board of directors.
Bill Colston, chief executive of diagnostic platform provider HealthTell and Joe Victor, formerly the CEO of bioanalytical instruments manufacturer DVS Sciences, have also been appointed to the board. Victor has been named executive chairman.
StartX and Western Investments Capital previously provided capital for Purigen, though further details are scarce. Regulatory filings show the company raised a total of $1m in a combination of equity funding, debt financing and convertible notes in 2013 and 2014.