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OncoDNA Raises €7.7M in Private Placement

NEW YORK (GenomeWeb) – Belgian cancer diagnostics firm OncoDNA announced yesterday that it has raised €7.7 million ($8.6 million) through a private stock placement.

Existing investors participating in the equity round included, Invest4OncoDNA, Sambrinvest, and Vinsovier. New investors included Ackermans & van Haaren affiliate Sofinim, SRIW, CPH, and Inventures. OncoDNA said that Ackermans & van Haaren now holds a 15 percent stake in the company.

The firm plans to use the proceeds of the financing to expand its market reach globally and obtain reimbursement for its product portfolio, which includes the OncoDEEP line of next-generation sequencing-based tumor analysis services and OncoTRACE liquid biopsy cancer test. The funds will also be used to launch OncoKDM, a software-as-a-service platform linked to the OncoSHARE web-based patient data-management system, as well as to expand OncoDNA's patient database through clinical studies and collaborative efforts.

"Thanks to these new financial resources, we will be able to expand globally, help more patients have access to our innovative solutions with the goal of reimbursement, and be a key player in the fight against cancer," CEO Jean-Pol Detiffe said in a statement.