Boreal Genomics announces completion of $18 million Series C financing round
Published on October 5, 2013 at 6:39 AM
Boreal Genomics, a privately held provider of technology for non-invasive genomic profiling of tumors from blood plasma of cancer patients, announced today the completion of an $18 million Series C financing round. The financing will be used to expand commercial operations in the translational research market, scale laboratory capabilities and launch clinical applications for non-invasive genomic profiling and monitoring of cancer.
The financing includes existing investors ARCH Venture Partners, Kearny Venture Partners and new undisclosed strategic and private investors.
Boreal's OnTarget™ platform performs highly sensitive genomic analysis of cell-free DNA in plasma to detect and quantify mutations in tumor-derived circulating nucleic acids. The OnTarget™ assay uniquely addresses the requirements for a successful blood-based cancer diagnostic by combining single molecule sensitivity, high specificity and multiplexing across many targets into a single test. Boreal currently provides the assay through both service and instrument offerings for research use only and expects the test will soon be certified for use in clinical studies. The company is also expanding their Bay Area facilities, including laboratory and commercial operations at a new location in Mountain View, CA.
"Our OnTarget™ platform is commercially available and has been successfully used by customers in translational research to perform genomic profiling of solid tumors from blood," said Nitin Sood, Chief Executive Officer of Boreal Genomics. "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."
"In the rapidly growing field of non-invasive liquid biopsies, Boreal has developed powerful technology and we look forward to supporting the company's continued commercial acceleration," said Keith Crandell, Managing Director at ARCH.