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PGDx Raises $2.8M in Private Financing

NEW YORK (GenomeWeb News) – Cancer genome analysis firm Personal Genome Diagnostics today announced it raised $2.8 million in private funding in its first external financing round.

Undisclosed investors participated in the financing, which will be used to support further development and marketing of the company's circulating tumor DNA assays.

The company today also launched its METDetect Assay for detecting MET gene amplifications in the circulation of cancer patients.

Since its founding in 2010, PGDx has been funded mainly through providing cancer genome analysis services to biopharmaceutical firms, academic research centers, contract research organizations, cancer patients, and physicians. PGDx Chief Commercial Officer Antony Newton said that the Baltimore-based firm went to external investors as "the substantial clinical and commercial opportunity represented by this technology warranted opening our doors to financial participation by a few select investors."

PGDx's assays are based on the company's proprietary PARE ctDNA technology, which enables whole-genome identification of changes in tumor-specific ctDNA. In addition to detecting point mutations in ctDNA, PARE can detect structural changes, such as genomic amplifications and rearrangements, the company said.

The METDetect test launched today uses PARE, next-generation sequencing, and other technologies to identify focal amplifications of the MET gene, which may be predictive of therapeutic response, overall prognosis, and cancer recurrence. It may also be useful for ongoing monitoring of patients, PGDx said. The test is performed at its CLIA-certified laboratory and is available for clinical and investigative use.