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Cancer Genomics Firm Boreal Genomics Raises $18M

NEW YORK (GenomeWeb News) – Boreal Genomics said today that it has completed an $18 million Series C financing round, which will be used to expand its commercial operations and launch clinical applications.

Participants in the financing round included existing investors Arch Venture Partners and Kearny Venture Partners. New undisclosed strategic and private investors also participated.

The Los Altos, Calif.-based firm will use the funds to expand commercial operations in the translational research market, scale its laboratory capabilities, and launch clinical applications for non-invasive genomic profiling and monitoring of cancer, it said.

Its flagship OnTarget platform performs genomic analysis of cell-free DNA in plasma to detect and quantify mutations in tumor-derived circulating nucleic acids.

The platform uses DNA probes directed against specific mutations in cancer genes. After the sample has been injected into a cartridge containing the probes, a rotating electric field is applied, along with various temperature changes, leading to transient hybridizations between the sample and the probes, and resulting in a mobility difference between mutated and normal DNA, which separates the two.

Boreal's OnTarget assay combines single-molecule sensitivity, high specificity, and multiplexing across multiple targets in a single test. The assay is currently available through service and instrument offerings for research use only. Boreal said it expects the assay will soon be certified for use in clinical studies.

Boreal said that it also is expanding its Bay Area facilities, including laboratory and commercial operations at a new location in Mountain View, Calif.

"With the financial and strategic support of our investors, we will continue our expansion into the life science research market and launch clinical applications aimed at improving the standard of care for cancer patients through routine blood-based testing," Boreal CEO Nitin Sood said in a statement.