NEW YORK (GenomeWeb) – Biological Dynamics today announced it has completed a $26.8 million financing round.
The round consisted of Series C investment and convertible debt. An undisclosed, large institutional investor associated with a major university led the round, the firm said in a statement. New and existing investors joined the round, including Heritage Group, Alexandria Venture Investment, and Qualcomm Co-founder Irwin Jacobs.
The firm said it will used the funds to support its efforts to receive regulatory clearance of its cancer treatment response diagnostic TR(ACE) assay and for general working capital purposes.
San Diego-based Biological Dynamics is building cancer diagnostics on its alternating current electrokinetics platform. The firm said it can isolate analytes directly from whole blood, plasma, and serum, without the need for dilution, and is developing assays to detect cell-free DNA, exosomes, and other cell products from 250 microliter samples in less than 30 minutes.
"We believe TR(ACE) will resolve many limitations of existing treatment response monitoring toolsets, enabling doctors and patients to navigate cancer care with greater clarity," Biological Dynamics CEO Raj Krishnan said in a statement. "The new funding will help us to execute on our regulatory strategy and to bring TR(ACE) to the clinic."
The University of California, San Diego spinout has a CLIA-certified laboratory and has received a patent on the microarray device it uses to purify cell-free nucleic acids.