NEW YORK – BillionToOne said Wednesday that it has closed a $140 million non-dilutive financing agreement with Oberland Capital Management.
The financing includes an initial note of $50 million to repay the company's existing $35 million term loan, with additional tranches totaling up to $90 million available thereafter.
BillionToOne is advancing a technology for precise quantification of DNA molecules using what it calls Quantitative Counting Templates. The company said it has provided tests to over 500,000 patients to date.
Its first test, the Unity Fetal Risk Screen, analyzes fetal DNA in the parent's blood to test for both aneuploidies and common recessive conditions, such as sickle cell disease, spinal muscular atrophy, and cystic fibrosis.
More recently, the company launched two oncology liquid biopsy products, Northstar Select and Northstar Response. The first is a genomic profiling assay to support personalized therapy selection, and the second is a circulating tumor DNA monitoring assay.
BillionToOne Cofounder and CEO Oguzhan Atay said in a statement that although the company believes its path to profitability was already in place after a recent $130 million Series D financing, the new agreement with Oberland will help shore up the company's financial position and eliminate the need for future financing rounds.
"With over $200 million in the bank and access to $90 million in additional non-dilutive capital, we've fortified our balance sheet and are positioned to lead as a category-defining molecular diagnostics company," Oguzhan said.