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Biofidelity Raises $24M to Expand US Commercialization of Lung Cancer Test, Product Pipeline

NEW YORK – Biofidelity said Wednesday that it has completed a financing round totaling $24 million, bringing its total raised to date to $60 million.

The new investment was provided by current investors including Agilent Technologies, Octopus Ventures, BlueYard Capital, and Longwall Ventures.

The company said the new funds will help accelerate its commercial and clinical expansion in the US to drive adoption of its ASPYRE-Lung test, an assay designed to detect lung cancer-associated mutations in 11 genes using pyrophosphorolysis that can be run on real-time PCR instruments.

According to the company, the funding will also support the establishment of a dedicated manufacturing facility in the UK, as well as the expansion of its product pipeline across the firm's technology platforms.