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The genomics company said the money will go towards strengthening its intellectual property positions and commercializing 1 of its cancer assays
Richmond, California-based genomics testing and diagnostics company DiaCarta announced today that it had raised $45 million in additional funding during a Series B round.
DiaCarta’s diagnostic capabilities rely on its Xenonucleic Acid Molecular Clamp, or XNA, technology, which it says enhances the sensitivity and specificity of liquid biopsy tests. The XNA platform is “underpinned by over 80 patents,” according to a statement. The company operates a Clinical Laboratory Improvement Amendments (CLIA)-certified laboratory in California and specializes in next generation sequencing and cancer detection.
Company founder and CEO Aiguo Zhang, PhD, said that the new financing “will support the Company’s core XNA technology platform for early cancer detection, expanding our diagnostic products for non-invasive early detection and monitoring of cancers.” He added that the money would also be used to strengthen the company’s intellectual property position in advance of applying for certain clearances from the FDA and its Chinese equivalent.
The official statement also said the funding will go towards establishing “global clinical study programs for non-invasive early cancer detection”; expanding the company’s product development pipeline; expanding its commercial and support teams; and commercially launching its ColoScape colorectal cancer detection assay.
The Series B funding round was led by Beijing-based Fortune Fountain Capital (FFC) and supported by Good Health Capital (GHC).
“DiaCarta is very pleased to add FFC and GHC to our family who shares our vision to build a world-leading molecular diagnostic company that will impact patient health,” Zhang said.
The new $45 million injection represents a substantial increase in DiaCarta’s available funds. Its Series A round, closed more than 3 years ago, raised $8 million. In addition to its US operations, it also operates a clinical services lab in Nanjing, China, and business offices in Shanghai, China and Ireland.