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Sequencing MDx Firm Sequenta Raises $20M in Series C Round

NEW YORK (GenomeWeb News) – Sequenta has completed a Series C financing round, raising $20 million, it said on Tuesday.

Proceeds will go toward the commercial scale-up and clinical validation of its next-generation sequencing-based ClonoSight Test for minimal residual disease in leukemia and lymphoma.

Foresite Capital Management led the round, and all inside investors participated, Sequenta said, including MDV and Index Ventures. In addition, Jim Tananbaum, managing director of Foresite Capital, has joined Sequenta's board.

The South San Francisco, Calif.-based firm started offering ClonoSight in February through its CLIA-certified laboratory. The test uses the LymphoSight technology, an immune cell receptor-focused platform, which sequences unique DNA signatures present in immune cells, allowing the tracking of malignant sub-populations that are present even at one cell per million white blood cells, Sequenta said. Test results, which are generated in seven days, can be used to predict a patient's risk of post-treatment relapse and to guide treatment.

"We believe this financing will help to solidify our position as the market leader and allow us to broadly offer the first clinically actionable sequencing-based MRD test, "Tom Willis, CEO of Sequenta, said in a statement.

The company raised $13 million in its Series B financing round in 2010.