SAN DIEGO, Dec. 9, 2021 /PRNewswire/ — PetDx® at present introduced the completion of its Series B financing with over $62 million in new capital raised, which is without doubt one of the largest Series B rounds for a pet startup; bringing the corporate’s whole funding to this point to $72 million. The financing was led by Longview Asset Management with participation by Declaration Partners, Torch Capital, Aperture Venture Partners, Valor Equity Partners, Friedman Bioventure, K4 Family Investments, and Labcorp (NYSE:LH). The firm’s $10M Series A financing in August 2020 was led by Friedman Bioventure with participation from Petco (Nasdaq:WOOF) and an undisclosed main pet healthcare firm.
Cancer is by far the main reason behind demise in dogs, with roughly six million new circumstances recognized annually within the US alone; the annual incidence of most cancers in dogs is estimated to be ten-fold greater than in people. There are at the moment no established most cancers screening packages for dogs. PetDx just lately launched its novel multi-cancer early detection take a look at, OncoK9®, as a easy blood take a look at that may be simply included into the veterinary scientific routine. OncoK9, the primary and solely liquid biopsy take a look at for the detection of cancer-associated genomic alterations in dogs, is beneficial as an annual screening take a look at in dogs at greater threat of growing most cancers as a consequence of age or breed, and as an aid-in-diagnosis take a look at in dogs suspected of getting most cancers.
The new funding shall be used to broaden the adoption of OncoK9 straight by means of PetDx’s personal industrial platform in addition to by means of strategic distribution partnerships, and to increase testing throughput on the firm’s central laboratory in San Diego. It can even allow PetDx to speed up its R&D roadmap and ship sooner on its full scientific imaginative and prescient for the detection, characterization, and administration of most cancers in companion animals.
“Over the previous two years, PetDx has made efforts unprecedented in veterinary most cancers diagnostics to develop and validate the world’s first cell-free DNA (cfDNA) based mostly noninvasive take a look at for canine most cancers detection, so as to deal with a large unmet want within the veterinary area,” stated Daniel Grosu, MD, MBA, Founder and CEO at PetDx. “We know from many years of expertise with most cancers in people that early detection saves lives, and the PetDx staff is thrilled to convey the latest advances in liquid biopsy know-how from human medication to the animal well being area.”
Since the Seed stage, PetDx’s financing technique has prioritized building a neighborhood across the firm’s mission, with many value-add traders (together with 50+ senior executives within the genomics and animal well being industries and 25+ main veterinarians) having made private investments to this point.
“We are very lucky to have a wide-reaching household of traders who help our objective of building PetDx into the world’s main veterinary most cancers diagnostics firm,” stated Arthur Polk, Co-Founder, Chief Financial Officer, and Head of Corporate Development at PetDx. “The Series B elevate supplies PetDx with the sources to embark on large-scale commercialization of our pioneering options, and to advance a wealthy R&D pipeline in one of many final main greenfield areas for genomic medication.”
Based on next-generation sequencing (NGS) know-how from Illumina that can also be powering the latest advances in human liquid biopsy testing for most cancers, OncoK9 has been clinically validated by means of the CANDiD (CANcer Detection in Dogs) Study utilizing samples prospectively collected from over 1,000 client-owned dogs throughout greater than 40 scientific websites on 4 continents. The research demonstrated the take a look at’s capacity to detect 30 canine most cancers varieties, with total sensitivity and specificity mirroring the efficiency of MCED checks just lately developed for most cancers screening in human sufferers. Results of the CANDiD Study – the most important scientific validation research ever carried out in veterinary most cancers diagnostics – had been just lately submitted to a number one peer-reviewed journal, and a abstract of the findings are available in a white paper on PetDx.com.
OncoK9 is at the moment available at many veterinary clinics throughout the US, and PetDx is actively growing industrial relationships with clinics and distributors, in addition to R&D relationships with veterinary and human pharmaceutical corporations, world wide.
About PetDx
PetDx® – The Liquid Biopsy Company for Pets is a San Diego-based molecular diagnostics firm devoted to unleashing the ability of genomics to enhance pet well being. The firm’s flagship product, OncoK9®, permits veterinarians to detect most cancers in dogs with a easy blood draw. As a first-in-class multi-cancer early detection (MCED) take a look at, OncoK9 employs cutting-edge genomic evaluation that leverages next-generation sequencing (NGS) know-how and proprietary bioinformatics algorithms, empowering veterinarians to offer superior care to canine sufferers. To study extra, go to www.petdx.com.
About Longview
Longview Asset Management LLC (“Longview”) is a multi-strategy funding agency with a uniquely secure and enormous asset base. This everlasting capital has allowed its funding staff uncommon longevity to develop deep experience in choose industries throughout private and non-private fairness markets. Among these sectors is pet/animal well being, provides and providers, the place the agency has made profitable investments over a 15-year interval in Chewy, Petsmart, Fi, and Wedgewood Pharmacy.
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