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NovellusDx Raises $6M in Equity Financing Round

NEW YORK (GenomeWeb) – NovellusDx announced today that it has raised $6 million in equity financing.

Helsinn Investment Fund SA SICAR, BioCapital Impact Fund, and Windham Venture Partners all participated in the funding round. The company said it had also previously raised nearly $17 million.

In a statement, NovellusDx CEO Haim Gil-Ad said the funding will allow the firm to commercialize and support continuing development and improvement of its next-generation sequencing technology.

Jerusalem-based NovellusDx uses its functional annotation for cancer treatment (FACT) assay to test the responses of variants of unknown significance to various cancer treatments to predict clinical results.

"NovellusDx has developed a unique solution to a large unmet need in cancer by completing the 'treatment stack': biopsy, NGS, functional mutation testing and drug response," Windham Venture Partners Cofounder and Managing Director Adam Fine said in the statement. "The technology can open up the full potential of NGS and cancer therapeutics."

Novellus previously announced in March that it had partnered with Centre Léon-Bérard to gauge the accuracy of its FACT assay in predicting treatment response in cancer patients.