NEW YORK (GenomeWeb) – Integrated Diagnostics said this week that it has obtained $47.25 million in funding, $30.25 million from the closing of its Series B round and $17 million in non-dilutive debt financing from Life Sciences Alternative Funding.
The proceeds will be used for commercialization of Indi's proteomic lung cancer test, Xpresys Lung, and to support development of additional proteomic tests in the company's pipeline, it said.
The Series B round was led by Baird Capital and joined by existing Indi investors InterWest Partners and the Wellcome Trust and new investor Alexandria Venture Investments, the strategic arm of Alexandria Real Estate Equities. It follows the company's $30 million Series A round.
As part of the financing, Michael Liang, partner with Baird's venture capital group, has joined Indi's board of directors.
"We are very pleased to help Indi take their early commercial success with Xpresys Lung to the next level, Liang said in a statement. "Indi has taken their innovative proteomic technology and applied it to a massive unmet need: the high costs associated with over-diagnosing lung nodules."
Indi launched Xpresys Lung last October out of its CLIA lab. Intended to aid doctors in identifying lung nodules detected via CT scans as likely benign, Xpresys uses multiple-reaction monitoring mass spec to quantify the levels of 11 proteins in patient blood samples.
According to company data, Xpresys can rule out an individual patient's lung nodule as being cancerous with a negative predictive value ranging from 84 percent to 98 percent. The test is intended for use in patients 40 years or older and with lung nodules ranging from 8 to 30 mm in size.