NEW YORK (GenomeWeb News) – Veracyte today said it has completed its Series B round of financing, raising $28 million, which it will use to support commercialization of its first product this year.
The round was led by Domain Associates. Founding investors Kleiner Perkins Caufield & Byers, TPG Biotech, and Versant Ventures also participated.
Veracyte CEO Bonnie Anderson said in a statement that the money raised in the round will be used to bring the company's advanced testing service in thyroid cancer to the market by the end of the year.
Veracyte is based in South San Francisco, Calif., and develops and commercializes molecular cytology solutions for the early diagnosis of cancer. The thyroid product was discovered through the use of whole-genome analysis tools and is designed to differentiate indeterminate thyroid nodules as either benign or "suspicious for malignancy."
The test is currently in the validation phase in a large-scale, prospective, multicenter clinical trial being conducted at more than 30 community sites and 12 academic medical centers across the US, Veracyte said.
In addition, the company is developing a molecular test for lung cancer. The lung cancer program is in early-stage biomarker discovery, Veracyte said.