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New Oncology Closes €5M Financing Round

NEW YORK (GenomeWeb) – German cancer diagnostics firm New Oncology today announced the closing of a €5 million ($5.7 million) financing round.

New Oncology offers the next-generation sequencing-based NEO platform for molecular analysis of genetic mutations in patient samples to help clinicians select targeted therapies and identify potential clinical trial opportunities. The technology identifies mutations, gene fusions, amplifications, and indels for which there are approved drugs or experimental substances in clinical testing.

"Together with the proceeds from the first closing earlier this year, the funds will help us to make Neoliquid, a genomic diagnostics test that identifies all therapeutically actionable genome alterations from a simple blood sample, available to patients even faster," New Oncology CEO Andreas Jenne said in a statement.

New Oncology raised an undisclosed amount in a funding round ended in March.