NEW YORK (GenomeWeb News) — Exosome Diagnostics said today that it has closed a Series B financing round raising $27 million.
New York-based Exosome will use the proceeds of the financing to advance development of its proprietary platform technology for preparing nucleic acids from microvesicles, as well commercial programs for non-invasive, fluid-based molecular diagnostics in oncology, neurodegenerative disease, and other clinical areas.
More specifically, Exosome said it plans to use the financing to launch its first clinical diagnostic product in the US this year, EXO106, a non-invasive urine-based test that may potentially reduce the number of unnecessary prostate biopsies in patients with elevated PSA levels.
In addition, Exosome will work with Qiagen to develop EXO501, a blood-based diagnostic test measuring an actionable mutation in non-small cell lung cancer to repeatedly and non-invasively assess tumor mutations status. Exosome and Qiagen originally announced a broad product development and co-marketing agreement in the area of capturing and processing RNA and DNA from biofluid microvesicles last July, and expanded that agreement in January.
Finally, Exosome said it would use the proceeds of its financing to develop EXO100, a blood-based multi-gene biomarker panel for use in oncology; to globally launch Qiagen-co-branded exoRNeasy research kits to extract RNA from blood serum or plasma; and to continue research and development of its technology platform.
Qiagen and Arcus Ventures led the financing, which also included new investors Tiger Partners, CD Ventures, and Monashee Capital, and existing investors NGN Capital and Forbion Capital Partners.
As part of the financing, Steven Soignet, a general partner at Arcus Ventures, will join Exosome's board of directors.