Olaris, a precision medicine company leveraging metabolomics and machine learning to discover and develop its myOLARIS diagnostics products, announced an investment from Labcorp, a leader of innovative and comprehensive laboratory services, as part of its Series-B1 financing. Labcorp joins existing investors Robert Carpenter, Innospark Ventures, North Point Partners, Alumni Ventures, and new investor US Boston Growth Capital.
This strategic investment from Labcorp follows Olaris being granted a unique proprietary laboratory analysis (PLA) code by the American Medical Association (AMA) for myOLARIS-KTdx. This test is a urine-based NMR test that provides immune status surveillance for kidney transplant recipients.
This test will enable healthcare providers to manage their post-transplant patients more accurately. Labcorp’s investment and strategic collaboration will help Olaris accelerate the expansion of myOLARIS-KTdx and the pipeline of myOLARIS diagnostic and disease monitoring products.
KEY QUOTES:
“Labcorp’s investment and partnership will help us to bring our innovative technology to the patients who need it faster, while significantly expanding our reach. Together, we will be able to accelerate access to cutting-edge solutions that have the potential to transform patient care.”
- Elizabeth O’Day, CEO of Olaris
“Labcorp is excited to support Olaris to unlock the potential of metabolomics in clinical biomarker discovery and development of non-invasive diagnostic products. myOLARIS diagnostics could provide broader, differentiated services to physicians and patients that will enhance clinical decision making.”
- Megann Vaughn Watters, Head of Labcorp Venture Fund
