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Mitra Biotech Completes $40M Financing Round

NEW YORK (GenomeWeb) – Mitra BiotechRxDx, which does business in the US as Mitra Biotech, said it has completed a $40 million financing round, bringing the total amount it has raised to date to $76 million.

The latest funding round was led by Northpond Ventures, and included existing investors Accel Partners, Sequoia India, Sands Capital Ventures, and RA Capital Management.

Mitra will use the money to expand commercial efforts and to continue to build the evidence for its CANscript platform to support reimbursement in the US and in other markets.

The CANscript platform creates an ex vivo tumor ecosystem that closely resembles that of a patient’s tumor, and is used to predict which treatments will improve outcomes. Last year, Mitra received CLIA certification for its Woburn, Massachusetts-based lab and began offering CANscript in the US through an early-access program with the goal of gathering clinical utility data that can support broader commercialization.

The company is headquartered in Woburn and has additional research and laboratory locations in India.