Exosome Diagnostics Inc., a leader in the liquid biopsy market, today announced the close of its $30 million Series C financing, led by insiders, Tiger Partners and Forbion Capital Partners. Blue Ridge Capital, NGN Capital, Arcus Ventures, b-to-v Partners, CD Ventures and others participated in the round, which was oversubscribed.
Exosome Diagnostics intends to use the funds to support the rapid commercial expansion of its ExoDx® Prostate(IntelliScore) and other diagnostic tests in the oncology market. The company will also continue to leverage its proprietary technologies for tests in other areas, such as neurodegenerative diseases, transplant rejection monitoring, and cardiology.
Exosome Diagnostics will continue to invest in the expansion of its companion diagnostics (CDx) business and build out its exosomal instrumentation business by expanding its placement of units in the CDx market and continuing its point of care clinical development roadmap. These divisions and technology differentiators, such as one reaction RNA and cell-free DNA interrogation within its pipeline for signal enhancement, and its “Shahky” point of care instrumentation which is based on, sample in – answer out, protein biomarker interrogation capabilities, will further distinguish Exosome Diagnostics as the industry leader in the liquid biopsy space.
The preservation of Exosomes in the isolation process is essential, and will be vital for the derivation of highly specific and sensitive diagnostic tests. The company will also use the funds towards advancing its current technology platform capabilities and for the commercialization of its new technologies, such as its ability to isolate disease specific exosomes based on tissue type.
“Over the last 18 months the leadership team at Exosome Diagnostics has seriously impressed us by transforming the company from its scientific leadership position in the market, to taking the commercial leadership position in the field of liquid biopsy diagnostics, starting with its launch of the first truly actionable liquid biopsy test and subsequent launch of additional actionable diagnostic tests,” stated Forbion’s Geert-Jan Mulder. “Our collaboration with Tiger Partners in leading this round provides the company with the financial resources to commercially build out its unique position in the liquid biopsy field.”
“We are pleased to have completed this financing round, as it will allow the company to further its position as the leader in the companion diagnostics liquid biopsy market and significantly broaden its portfolio of diagnostic tests for patient care,” stated John Boyce, President and CEO of Exosome Diagnostics. “With the success of the ExoDx® Prostate (Intelliscore) test, the company has created a roadmap with payors by which it will rapidly launch tests for additional indications,” Boyce continued.
Source – Exosome Diagnostics