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Thyroid Cancer MDx Firm Veractye Raises $28M in Series C Round

NEW YORK (GenomeWeb News) – Molecular diagnostics firm Veracyte today announced the final tranche of its Series C financing round raising $28 million.

Proceeds will go toward commercial expansion of its gene expression-based diagnostic tool called Afirma Thyroid FNA Analysis for thyroid cancer and the development of its product pipeline.

GE Ventures was a new investor in the round. Domain Associates, Kleiner Perkins Caufield & Byers, TPG Biotech, Versant Ventures, and all previous investors participated.

Afirma Thyroid FNA Analysis combines cytopathology with the South San Francisco, Calif.-based firm's Afirma Gene Expression Classifier gene expression test for assessing thyroid nodule fine needle aspirate biopsies that are neither clearly benign nor malignant based on cytology review.

The test measures the expression of about 140 genes to help identify patients with benign nodules, who could then bypass unnecessary diagnostic surgery. Another 25 supplemental genes are used to improve classification of rare cancer subtypes.

Veracyte secured Medicare coverage for the test in January 2012, and shortly afterward inked a deal with Genzyme, a subsidiary of Sanofi, to co-market the Afirma Thyroid FNA Analysis solution in the US.

Veractye raised $28 million in its Series B financing round.