– USA, MD – Personal Genome Diagnostics, Inc. (PGDx), a provider of advanced cancer genome testing products and services, today announced that it has raised $21.4 million in a Series A funding round led by New Enterprise Associates (NEA). Other new and existing investors, including Windham Venture Partners and Nanjing Kaiyuan Growth Capital Investments, also participated in the financing.
PGDx was founded in 2010 by cancer researchers from Johns Hopkins University (JHU), who are pioneers in cancer genome sequencing and liquid biopsy technologies. Under the leadership of co-founders and JHU researchers Luis A. Diaz, MD, and Victor Velculescu, MD, PhD, the company has achieved consistent growth by successfully commercializing novel clinical and investigational products and services for researchers, drug developers, physicians and patients. PGDx’s service offerings for researchers are complemented by the clinical services it provides through its CLIA-certified laboratory.
“We started PGDx to address the unmet need of delivering innovative genomic technologies to help patients with cancer,” said Dr. Diaz.
PGDx was largely self-funded through 2014, when it raised $2.8 million in seed capital to evolve PGDx’s liquid biopsy and tissue sequencing technology into scalable, distributable products. The company now provides the most comprehensive platform of advanced genomic analyses in the oncology space, including whole genome sequencing, pan-cancer panels, targeted panels and single gene analysis in tissue and liquid biopsies, as well as custom approaches for target discovery and companion diagnostics. PGDx’s turnkey bioinformatics platform packages its tissue and liquid biopsy sequencing technologies into products that enable any laboratory with a next generation sequencer to provide high quality cancer genomic testing.
Dr. Velculescu said, “We are proud of what our outstanding team has accomplished to date, launching a broad range of first-to-market genomic services and establishing PGDx as a cancer genomics innovator. We welcome the confidence of NEA and our other investors, and look forward to using these new resources to bring the benefits of our advanced technologies and services to researchers, clinicians and patients seeking improved cancer treatments and outcomes.”
In conjunction with the financing, NEA Partner Justin Klein, MD, JD, will join PGDx’s board of directors, alongside PGDx co-founders Luis A. Diaz and Victor Velculescu. Felix Dawson and Adam Fine of Windham Venture Partners will join the board as observers.
Dr. Klein noted, “PGDx is one of the most exciting healthcare opportunities we’ve seen in the oncology diagnostics space, by combining best-in-class science and clinical insight with an innovative business model. We have been impressed by the company’s ability to grow in this highly competitive field with limited external funding, and are optimistic that this new infusion of capital will enable PGDx to expand their novel molecular diagnostic approaches to empower cancer patients and their doctors to achieve better outcomes.”
PGDx currently has 63 employees who occupy an 11,000 square foot historic facility on the waterfront in Baltimore’s vibrant inner harbor neighborhood. This space houses PGDx’s laboratories, bioinformatic and commercial activities. To accommodate its rapid growth, the company plans to expand into a 25,000 square foot nearby facility in 2016.
About Personal Genome Diagnostics
Personal Genome Diagnostics (PGDx) advances the frontiers of cancer medicine through innovative genomic technologies for oncology researchers, drug developers, clinicians and patients. The expert team at PGDx draws on a deep understanding of cancer biology, extensive experience in cancer genomics and clinical oncology, and the company’s distinctive technologies. These novel technologies precisely identify and characterize unique genomic alterations in tumors. PGDx is working toward broad patient access to its genomic approaches, through both a CLIA-certified facility providing comprehensive genomic services, as well as a technology transfer solution enabling other molecular laboratories to easily internalize testing.
About New Enterprise Associates
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $17 billion in cumulative committed capital since inception, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of successful investing includes more than 200 portfolio company IPOs and more than 320 acquisitions.
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