Cambridge Innovation Capital portfolio company Inivata announces strategic collaboration and investment from NeoGenomics
Cambridge Innovation Capital (CIC), the venture capital investor enabling visionaries to build global, category-leading companies in the Cambridge ecosystem, is pleased to note that portfolio company Inivata, a leader in liquid biopsy, has today announced the formation of a strategic collaboration with NeoGenomics, Inc (NASDAQ: NEO), for the commercialisation of its InVisionFirst®-Lung liquid biopsy test in the United States.
NeoGenomics is a leading US-based cancer diagnostics and services company, and an established player in the field with significant commercial reach and scale. Inivata’s liquid biopsy test offers competitive sensitivity with results being delivered within seven calendar days from blood draw, and has already received reimbursement for US Medicare patients with advanced non-small cell lung cancer (NSCLC), paving the way for the test to be used in routine clinical care.
As part of the collaboration, NeoGenomics will make a $25 million equity investment in Inivata to take a minority shareholding with an option to acquire the company outright. NeoGenomics will also take a seat on the Inivata Board of Directors. The new funding received by Inivata will be used to enable the acceleration of the company’s innovative liquid biopsy products, including further development work on RaDaR™, the newly launched highly sensitive personalized assay for the detection of residual disease and recurrence. Inivata and NeoGenomics will also seek opportunities for collaboration with biopharmaceutical companies around Inivata’s liquid biopsy platform.
Clive Morris, Inivata CEO, said: “This strategic collaboration and equity investment provides the platform to significantly accelerate the commercialization of InVisionFirst-Lung in the US, and bring its benefits more rapidly to patients and clinicians. It will also drive the development and roll-out of RaDaR, our highly sensitive, personalized test to detect residual disease in multiple disease states. We look forward to working with NeoGenomics, an established and well-respected company in this field, and utilizing its expertise to deliver further on the potential of our pioneering liquid biopsy technology to improve outcomes for cancer patients.”
Robert Tansley, Partner at CIC, commented
This is a fantastic step forward for the Inivata team as the company progresses commercial roll-out of its liquid biopsy technology into the United States, and furthers development of its platform. Today’s announcement shows how the sparks of innovation in healthcare which begin life in Cambridge go on to deliver tangible benefits to patients across the world.