Pillar Biosciences, a leader in Decision Medicine, announced they have finalized $34.5 million in funding, including a strategic investment from Illumina, structured financing from Soleus Capital, and investments from existing investors.
How the funding will be used: The proceeds from this funding will be leveraged to advance Pillar’s commercial activities including headcount and infrastructure to support biopharma partnerships and expand adoption of its distributable clinical testing kits.
KEY QUOTES:
“We are very pleased with our commercial growth over the past few years. We look forward to using this latest capital infusion to drive additional top-line growth as we move closer towards profitability.”
Gang Song, Founder and Executive Chairman of Pillar Biosciences
“Pillar Biosciences has become an important strategic partner to enable Illumina to provide an expanded menu of research and clinical NGS solutions, accelerating access to precision oncology. Pillar’s rapid NGS targeted sequencing panels alongside Illumina’s state-of-the-art sequencing and bioinformatics solutions delivers rapid, cost-effective genomic profiling of tumors, which is critical to advancing personalized therapy globally.”
Ashley Van Zeeland, vice president of Corporate Development Illumina
“Access to rapid NGS testing solutions is critical to advancing precision medicine in oncology. We see Pillar’s technology as a market leader, helping laboratories across the globe more effectively streamline and consolidate their molecular testing platforms, enabling faster time to results. Pillar has demonstrated strong commercial growth over the past few years, including multiple biopharma collaborations.”
Benjamin Lund from Soleus Capital
