Biocartis bags $44.5M Series D for molecular Dx commercialization
Switzerland's Biocartis disclosed this week that it nailed down a $44.5 million Series D funding round toward commercializing its molecular diagnostics technology platform, plus a planned expanded roster of its cancer diagnostics. That brings its grand total in venture financing to the $200 million range so far, a truly jaw-dropping figure.
Flemish investment company PMV led the latest round, which included a slew of new and existing investors: RMM, Valiance, Debiopharm Group, Korys, Philips, Johnson & Johnson Development Corp., the family office of Dr. Paul Janssen, Luc Verelst, Benaruca and New Rhein Healthcare.
The company is already a fundraising juggernaut. Biocartis pulled in an astounding $100 million Series C funding round a little over a year ago, while stating plans at the time to launch some of its cutting-edge diagnostics by 2013, a goal that appears to be on schedule. In 2010, Biocartis attracted an impressive $41.3 million Series B financing round. And in 2009, Biocartis raised just under $15 million in a Series A financing.
Biocartis is also in ongoing collaborations with bioMerieux and Johnson & Johnson ($JNJ), among others, to develop tests for viral infections and various neurological conditions.
Commenting on the latest financing, Biocartis CEO Greg Parekh said in a statement that the latest financing in today's rough venture environment notes "the significant progress that Biocartis has made over the past year.
"We are now a commercial state organization," he said, "with a high quality team, which has proven it can take platforms from development to commercialization. We now look forward to building our menu of oncology tests; validating, registering and launching the Apollo [diagnostics] platform; growing our commercial presence and ultimately helping shape the diagnosis and treatment of cancer."
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