Paradigm Diagnostics Announces $7M Series B Funding
PHOENIX and NEW YORK, Feb. 16, 2017 /PRNewswire/ -- Paradigm Diagnostics today announced the near completion of their $7M Series B financing, adding an additional $3M from New Sciences Ventures on top of the $3.5M led by Mesa Verde Venture Partners and other strategic partners at the end of 2016. These resources will be directed towards further accelerating commercial adoption of their flagship Paradigm Cancer Diagnostic Test, PCDx, a comprehensive genomic profiling test and expanding the Paradigm cancer registry.
Dr. Grace Colón, joining the Paradigm board from New Sciences Ventures in connection with the closing noted, “We look forward to working closely with Paradigm as they continue to develop strongly differentiated approaches to improve patient outcomes. We were impressed with Paradigm’s focus on broad classes of clinically actionable biomarkers, including DNA, RNA and protein, validation through peer-reviewed publications, and industry-leading turnaround time. Through this investment we hope to help accelerate the utilization of PCDx, their leading comprehensive genomic profiling service.”
“Our ability to provide high-quality and comprehensive genomic testing results within 4-5 business days, often on specimens with a very limited amount of tumor, continues to elevate us in the market” said David Mallery, President and CEO. “This financing will help us to more broadly provide our solution to oncologists and patients. New Science Ventures’ support also allows us to expand our cancer registry to build on the recent publication of our prospective clinical trial publication showing improved progression free survival.”
PCDx is a comprehensive clinical-grade NGS-based test that is designed to provide physicians and patients with a more targeted, personalized approach to cancer treatment by identifying the underlying genomic and proteomic alterations of a tumors DNA, RNA & protein. The test interrogates the most relevant genomic targets at over 5,000x average depth of coverage with 76 therapeutic associations. Results are typically delivered in 4-5 business days.
About PARADIGM
Paradigm Diagnostics, Inc is a molecular information corporation established to bring comprehensive and clinically actionable cancer genomic profiling to physicians and patients. Paradigm’s Next-Generation Sequencing based diagnostic test PCDx provides treating physicians and patients with more precise information about the specific cancer pathways in the tumor to allow for more effective decision-making. The PCDx test analyzes DNA, RNA by NGS and Protein by IHC to provide data on the molecular alterations driving the cancer and drugs that can directly impact therapeutic decision-making. Paradigm PCDx is driven by the supporting clinical data and literature with clinical reports delivered in 4-5 business days. For more information visit http://www.paradigmdx.com or visit us on Twitter @Paradigm_DX
About NEW SCIENCE VENTURES
New Science Ventures, LLC (NSV) is a leading venture capital firm focused on building companies that leverage breakthrough science to create extraordinary value. NSV invests in companies using science-based innovations to address market needs in Life Sciences (pharmaceuticals, biologics, medical devices, and diagnostics) and Information Technology (e.g., high-performance semiconductors, cellular infrastructure, sensor networks, enterprise software, and storage) sectors. NSV was founded in 2004 by Somu Subramaniam, Managing Partner, and Tom Lavin, Partner, and has invested approximately $500 million in early, mid- and late stage companies located in the U.S., Europe, India and China.
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SOURCE Paradigm
