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Strand Diagnostics to Receive $30M Investment from Nantworks

NEW YORK (GenomeWeb News) – Strand Diagnostics today said it will receive an investment of $30 million from Nantworks to further grow the firm, scale its operational infrastructure, and expand sales and marketing efforts.

The funding will be provided over three years.

Strand has developed its know error system, which uses bar coding, forensic chain-of-custody principles, and DNA testing "to complete the diagnostic testing cycle before initiating treatment." The Indianapolis firm calls this process DNA Specimen Provenance Assignment, or DSPA, and said that the know error system ensures that a surgical biopsy sample being assessed belongs exclusively to the patient being diagnosed.

"DSPA testing completes the cancer diagnostic testing cycle to provide patients a complete and accurate diagnosis, allowing physicians to proceed with the best treatment for the appropriate patient," the company's co-founder Peter Knapp said in a statement.

The know error system was launched in 2009 and the most popular know error offerings are for breast biopsy and prostate biopsy, the company said.

Nantworks, based in Los Angeles, said that it is building "an integrated evidence-based, genomically informed, personalized approach to the delivery of care and the development of next-generation diagnostics and therapeutics."

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