NEW YORK — Molecular diagnostics startup Naveris said on Tuesday that it has closed a $17 million Series A financing round. The firm plans to use the funding to advance its liquid biopsy technology for the detection of virus-related cancers.
The financing round was led by Gurnet Point Capital, which was joined by R-Cubed Capital Partners and Sky Ventures Group. Naveris previously raised around $2 million in seed funding.
Waltham, Massachusetts-based Naveris has been developing a technology, licensed from the University of North Carolina (UNC), that quantifies tumor-specific DNA in circulation. The company's first product, NavDx, is designed to detect human papillomavirus (HPV)-related cancer by measuring tumor tissue-modified viral HPV particles in plasma cell-free DNA via digital droplet PCR.
Earlier this year, UNC researchers published data from a study of NavDx showing that the test could accurately detect recurrences of HPV-linked head and neck cancers, often at earlier timepoints than imaging.
NavDx is currently offered by Naveris through its CLIA lab to cancer centers in the US. The company said the new funding will be used to expand patient access to the test, as well as generate data to support its reimbursement and inclusion in treatment guidelines. Naveris said it will also use the money to advance products in its pipeline for other virus-related cancers.