NEW YORK (GenomeWeb) – Hong Kong-based venture capital group ORI Healthcare Fund announced today that it has made an $18 million investment in Boston-based cancer molecular diagnostics startup Pillar Biosciences.
According to ORI, Pillar is advancing a patent-pending targeted sequencing technology platform and a proprietary data analysis toolkit, which offer high sensitivity and specificity, as well as a fast and affordable method for targeted NGS oncology testing.
The startup has released beta versions of two targeted sequencing panels, one covering somatic mutations associated with lung and colon cancers, and another for BRCA1 and BRCA2 germline mutations. Additional information about beta users of these panels and their content and methodology were not disclosed.
The investment will help Pillar continue its R&D efforts in tissue-based sequencing panels, as well as support efforts to develop new liquid biopsy products, the firm said.