Inivata raises $35 million in second close of Series C financing
Funds will accelerate clinical development of RaDaR™ minimal residual disease assay and commercialization of InVisionFirst®-Lung
Inivata, a leader in liquid biopsy, today announces it has raised $35 million (£25.7 million) in a second close of a Series C financing round.
The round was led by Soleus Capital, who were joined by new investors including Janus Henderson Investors and Farallon Capital alongside existing investor IP Group. This latest funding takes the total raised in the Series C to $60 million and follows the $25 million invested by NeoGenomics, Inc (NASDAQ: NEO) in 2020, alongside the formation of a strategic collaboration with Inivata.
The funds will primarily be used to accelerate the clinical development and continued rollout of RaDaR™, the Company’s highly sensitive personalized assay for the detection and monitoring of minimal residual disease (MRD) and recurrence. RaDaR’s initial application has been in clinical trial settings for patients who have previously received a cancer diagnosis and Inivata has been focused on securing biopharma collaborations that utilize the assay. The latest financing will enable Inivata to build a clinical development program which will bring the benefits of RaDaR to patients more directly. In addition, the proceeds will drive the continued commercial rollout of Inivata’s InVisionFirst®-Lung liquid biopsy test.
Clive Morris, CEO of Inivata, commented:
RaDaR has demonstrated exceptional sensitivity and specificity which is key to unlocking the true potential of liquid biopsy for the detection of MRD and recurrence in patients who have previously been diagnosed with cancer. This new financing will enable us to continue to build momentum with our RaDaR assay alongside the continued commercialization of InVisionFirst-Lung, our test for advanced NSCLC. We thank IP Group for their ongoing support and welcome the new investors as we continue to mature as a business.
Guy Levy, Founder and CIO of Soleus Capital said:
“The sensitive detection of MRD and recurrence has the potential to transform cancer treatment and we are excited to be investing in Inivata at this time. Inivata has proven itself to be a true pioneer in liquid biopsy and in developing robust technologies that can make a real difference to patient care. We look forward to the next steps in bringing both RaDaR and InVisionFirst-Lung to more patients in more settings.”