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Pathwork Diagnostics Raises $20M in Private Financing

NEW YORK (GenomeWeb News) – Pathwork Diagnostics has closed a round of private financing, raising $20 million, the Sunnyvale, Calif.-based firm said today.
 
The financing round was led by London-based Abingworth with additional funds coming from Propsect Venture Partners, Advent Venture Partners, Novus Ventures, Venrock, and Versant Ventures.
 
Pathwork recently received US Food and Drug Administration clearance to market its Pathwork Tissue of Origin test, which determines what type of cancer cells are present in a malignant tumor. The microarray-based test runs on Affymetrix’s GCS 3000DX diagnostic platform.
 
“With this $20 million round of financing completed and the recent FDA clearance, the company is well positioned to fund important commercialization programs, including offering the Pathwork Tissue of Origin test through an additional distribution channel, and building our pipeline,” Pathwork President and CEO Deborah Neff said in a statement.

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