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Insight Genetics Raises $3M in Private Offering

NEW YORK (GenomeWeb) – Insight Genetics has raised $3 million through a private securities offering, according to a filing with the US Securities and Exchange Commission.

According to the filing, the Nashville, Tennessee-based company had filed to sell up to $5 million in debt and options, warrants, or other rights to acquire another security.

Insight Genetics is developing molecular cancer diagnostics including PCR-based tests that identify ALK, ROS1, and RET fusions, as well as DEPDC1 overexpression, which have all been linked to various lung, breast, thyroid, and blood cancers.

Last year, the firm received a $1.3 million award from the National Cancer Institute to further develop an ALK test to monitor therapeutic resistance in non-small cell lung cancer patients. The company also inked a deal in January with Biocept to combine their respective technologies to enhance ALK expression and mutation detection in circulating tumor cells and tumor DNA.