NEW YORK (GenomeWeb) – Cancer Diagnostics startup 14M Genomics has announced the end of its business.
In a statement posted to its website, the firm said that Syncona, its sole investor, has declined to provide further funding.
"Having carefully considered the options available, the Board of 14M Genomics has decided to effect an orderly close down of the business operations," Chairman Andrew Sandham said.
Hinxton, UK-based 14M Genomics was a Wellcome Trust Sanger Institute spin out focused on cancer sequencing and analysis. The firm was building a web portal for clinical genomic data to help clinicians with patient stratification in drug trials as well as with diagnosis, prognosis and treatment decisions.
In December 2014, 14M Genomics received £12.5 million ($19.7 million) in equity financing from investment firm Syncona Partners to develop oncology diagnostic and treatment services.
The firm had successfully signed collaboration agreements for use of its genomic profiling tools with the European Organisation for Treatment of Cancer and the Haematological Malignancy Research Network.
The firm added that the decision from Syncona came after a review of funding priorities within its investment portfolio.