SAGA Diagnostics raises SEK 106 million (€10.5 million) to accelerate commercialization of ultrasensitive cancer liquid biopsies
LUND, Sweden and STOCKHOLM, June 29, 2021 /PRNewswire/ -- SAGA Diagnostics AB ("SAGA"), a cancer liquid biopsy and genomic testing company, today announced that it has raised SEK 106 million (€10.5 million) in a Series A2 financing from both existing and new investors. The Series A2 round was led by Segulah Medical Acceleration and the Sciety investment syndicate with strong support from existing shareholders such as Hadean Ventures.
SAGA is commercializing proprietary technologies to quantify cancer-associated genetic aberrations in tissue and liquid biopsy samples, and are uniquely capable of achieving limits of detection down to 0.001% mutant allele fraction. SAGA's platform technologies, which are based on digital PCR and next-generation sequencing, are tools to be used in cancer patient stratification, therapy response monitoring, disease relapse identification, as well as in aiding in treatment decisions and as companion diagnostics.
Lao Saal, CEO of SAGA Diagnostics said: "We are delighted to complete this oversubscribed financing round with support from existing investors and also to welcome Segulah Medical Acceleration and the Sciety investors who bring significant expertise and networks that will help SAGA accelerate into this next phase of the company. Building on our ultrasensitive products for liquid and tissue biopsy testing, the funds will enable us to execute on our ambitious growth plans. We will offer a wide range of regulatory-approved assays and services using all our three technology platforms and to broaden our reach to further markets – and thus move us forward on our mission to help cancer patients to have the best possible outcomes."
Roger Gunnarsson, Managing Partner at Segulah Medical Acceleration said: "In the fast-growing sector for liquid biopsy technologies with many new tests, SAGA Diagnostics stands out with their tests' unprecedented sensitivity. We are proud to team up with SAGA and look forward to helping the team advance their strategic objectives further."
The company already has commercial agreements with a number of pharmaceutical partners, key opinion leaders, and clinical laboratories for the use of these technologies, both as laboratory testing service and sold as reagent kits. Funds will now be used to extend SAGA's range of CE-marked SAGAsafe® dPCR assays, accelerate the commercialization of SAGAsign® in minimal residual disease monitoring, launch the SAGAseq® platform, establish CLIA laboratory capabilities, execute clinical studies, and perform other expansion activities.
Andreas Lindblom, CEO of Sciety added: "We believe strongly in the rapidly developing liquid biopsy sector, which has the potential to revolutionize cancer care. It is well known that cancer screening and monitoring are crucial to provide effective treatment and reduce mortality. SAGA Diagnostics' technology allows the company to develop diagnostic tests for various cancers with the possibility to improve patient survival and quality of life."
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SOURCE SAGA Diagnostics