Biofidelity, a transformative genomic technology company dedicated to bringing the benefits of precision medicine to patients worldwide, announced it had completed a financing round totaling $24 million. Including this funding round, the company has raised $60 million since launching in 2019.
The latest funding round will accelerate the company’s growth, including commercial and clinical expansion in the United States to accelerate the adoption of ASPYRE-Lung, a novel test that dramatically simplifies and accelerates the detection of biomarkers for non-small cell lung cancer (NSCLC). This will enable clinicians to determine which treatment is best for each patient in days instead of weeks and at a fraction of the cost of current sequencing tests. The new investment will enable establishing a dedicated manufacturing facility in the United Kingdom and drive pipeline expansion efforts across the company’s technology platforms.
This new funding round includes new commitments from current investors, including Agilent Technologies, Octopus Ventures, BlueYard Capital, and Longwall Ventures. Since Biofidelity’s oversubscribed Series A+ investment raise in early 2022, the company has achieved significant milestones, including:
— Launch of two commercial products
— Significant scientific traction through the publication of 12 white papers and clinical data sets with leading cancer centers using ASPYRE-Lung
— Pilot or commercial programs initiated at 15 leading cancer centers, laboratories, and pharma in the US driving the commercial adoption of ASPYRE-Lung
KEY QUOTES:
“This significant investment underlines the confidence of our investors in Biofidelity’s unique technologies and our mission to bring the benefits of precision medicine to all patients. It provides us with the capital needed to expand the adoption of ASPYRE-Lung, a completely new category of molecular diagnostic that fulfills an acute unmet clinical need for people with lung cancer and the clinicians who treat them.”
– Biofidelity Co-Founder and CEO Dr. Barnaby Balmforth
“Biofidelity’s technologies are positioned to address critical gaps in genomic testing and research. We are thrilled to continue our partnership with Biofidelity as the team embarks on the next phase of their growth and commercial expansion.”
– Tad Weems, managing director of the Early Stage Partnership program at Agilent Technologies
