Epic Sciences – a privately held diagnostics company – announced it has completed a $24 million Series G which together with its $43 million Series F financing, totals $67 million raised in the last 12 months. And the company will use the funding from this additional round of private investment to develop the commercial infrastructure required to commercialize the 3 component tests of DefineMBC, which together provide a comprehensive blood-based biopsy result for patients with metastatic breast cancer.
This investment was co-led by Deerfield Management and Arsenal Capital Partners, and included broad participation from the company’s shareholders including Blue Ox Healthcare Partners, Domain Ventures, and Labcorp.
DefineMBC offers the most comprehensive blood-based biopsy results available to patients with metastatic breast cancer by delivering a report which includes:
– Detection of circulating tumor cells (CTCs)
– Assessment of HER-2 cellular protein expression coupled with
– Single-cell sequencing of identified cells to assess amplification of the ERBB2 gene locus
– Assessment of ER cellular protein expression
– A plasma-based, 56-gene panel of cell-free DNA including
– ERBB2 and PIK3CA
– Tumor mutational burden (TMB)
This new investment will enable the company’s efforts related to the commercialization of the DefineMBC tests, including the continued expansion of the company’s new market-facing departments: sales, product marketing, customer service, medical affairs, payer markets, and billing. The funding also continues to fund the development of additional concordance and outcomes data for the DefineMBC tests.
KEY QUOTES:
“I’m excited to announce that Epic’s pre-launch activities related to DefineMBC have exceeded our expectations. We have delivered comprehensive test results to 700 patients and their oncologists in our Clinical Experience Program. We have surveyed the physicians participating in the Clinical Experience Program and their responses indicate that oncologists see the value in DefineMBC’s ability to provide actionable information that allows them to better care for their patients.”
– Lloyd Sanders, President and CEO, Epic Sciences
“Deerfield is pleased to support Epic Sciences at this critical stage of commercialization. We believe DefineMBC is poised to change the management of metastatic breast cancer.”
– Andrew El Bardissi, a member of the company’s board of directors and Partner at Deerfield Management
