NEW YORK – PierianDx announced on Tuesday that it had closed $30 million of growth capital in the form of equity financing and a term loan facility, with access to additional tranches of up to $17.5 million by 2022 and 2023.
OrbiMed led the current investment round, with existing investors Health Catalyst Capital, Research Triangle Institute, Inova Health Systems, ATW Partners, and SJF Ventures also participating. The new financing is expected to drive PierianDx's commercial expansion as healthcare organizations bring next-generation sequencing capabilities in house, the St. Louis-based firm said.
Founded in 2014 as a spinout from Washington University in St. Louis, PierianDx partners with healthcare providers, laboratories, and medical centers to build on-site next-gen sequencing capabilities.
The company recently joined with Illumina and the Belgian Society of Medical Oncology to study the value of genomic profiling among advanced cancer patients. The BSMO is using PierianDx's Clinical Genomics Workspace platform to perform clinical interpretation of NGS results in that study.