NEW YORK (GenomeWeb) – BioTheranostics announced today that it has raised $32 million in a private equity financing round, and will be spun off from parent company BioMérieux as a result.
The financing round was led by MVM Life Science Partners, with participation from Canepa Advanced Healthcare Fund and HealthQuest Capital. BioMérieux will remain a minority shareholder in the newly independent company.
BioTheranostics will use the money from the financing round to grow its commercial presence and expand its clinical development programs. Primarily, the company said in a statement, it plans to expand the clinical indications for its Breast Cancer Index gene expression test, which was approved for coverage by the US Centers for Medicare and Medicaid Services on October 2014. The coverage decision led to the company quadrupling its growth rate and doubling its revenue in 2015, with more than 900 physicians prescribing the BCI test.
The company also markets CancerTYPE ID, a gene expression test for metastatic patients with diagnostic ambiguity to help physicians determine optimal site-directed treatment regimens and improve patient outcomes.
"This is an exciting new beginning for BioTheranostics," the company CEO Nicolas Barthelemy said in a statement. "We thank BioMérieux for its support over the years, which allowed us to develop and demonstrate the clinical value of our two important marketed cancer diagnostic tests: Breast Cancer Index and CancerTYPE ID."