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Innovatus Pledges $42M to PGDx to Support IVD Development

NEW YORK (GenomeWeb) – Investment firm Innovatus Capital Partners said today that it has entered into a financing agreement with Personal Genome Diagnostics, providing up to $42 million in capital to support the company's efforts to advance in vitro diagnostics for genomic testing in cancer patients.

The investment firm didn't disclose further terms.

Founded by researchers from Johns Hopkins University, PGDx offers a variety of clinical next-gen sequencing assays through its CLIA lab, including tests performed on tumor tissue and liquid biopsy assays that measure cancer mutations in a blood sample.

The company has been working for several years to translate its technology to the IVD space, with the goal of bringing assays through regulatory bodies like the US Food and Drug Administration so that they can be performed in other labs around the world.

PGDx's Elio Plasma Resolve cell-free DNA assay received a Breakthrough Device Designation from the FDA's Center for Device and Radiological Health this July.

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