US-based clinical diagnostics technology developer SomaLogic has raised $16.5m in a funding round backed by pharmaceutical company Novartis, according to a regulatory filing.
SomaLogic specialises in protein-based technology, using protein biomarkers to discover and develop new drugs.
Novartis made an equity investment in SomaLogic on October 20, alongside an extension to a multi-year research agreement between the companies to develop and apply SomaLogic’s proteomics technology to Novartis’ drug discovery and development activities.
The company has now raised about $108m in funding since it was founded in 1999, according to SEC filings. Its past investors include clinical testing company Quest Diagnostics, venture capital firm ProQuest Investments, financial services firm Societe Generale, Stronghold Capital and Butcher Holdings.
SomaLogic CEO Byron Hewett said earlier this month: “Our ongoing relationship with Novartis is a model for how we seek to develop strong scientific collaborations that drive new discoveries and build value for both parties.
“We are delighted that Novartis has decided to continue our work together, and take it to an even higher level.”