NEW YORK (GenomeWeb) – Inivata said today that it has completed a Series B fundraising round of £39.8 million ($52.6 million), which it will use to support commercialization of its existing liquid biopsy assay, as well as development of its technology for new indications.
Existing investors Woodford Patient Capital Trust, IP Group, Cambridge Innovation Capital and Johnson & Johnson Innovation all participated in the round alongside new investor RT Ventures. The first close of the financing occurred in August 2018, with the final tranche of the oversubscribed round being received this month.
Inivata expects to use the funds as it rolls out its InVisionFirst-Lung liquid biopsy test in the US. The assay recently received a final local coverage determination from Centers for Medicare & Medicaid Services contractor Palmetto GBA, making the test covered for certain Medicare patients with advanced non-small cell lung cancer (NSCLC) across the US.
Inivata CEO Clive Morris said in a statement that the company also has an "exciting portfolio of future products" that it now intends to advance alongside InVisionFirst-Lung.