Inivata completes $52.6m (£39.8m) Series B funding round
Funds will accelerate commercialization of InVisionFirst-Lung Liquid Biopsy test and the development of the InVision® liquid biopsy platform into new indications
Inivata, a leader in liquid biopsy, today announces the completion of a Series B fundraising of $52.6m (£39.8 million).
Existing investors Woodford Patient Capital Trust, IP Group, Cambridge Innovation Capital and Johnson & Johnson Innovation – JJDC all participated in the round alongside new investor RT Ventures. The first close of the financing occurred in August 2018, with the final tranche of the over-subscribed round being received in March 2019, based on strong delivery against corporate milestones.
The funds will be used to advance the US commercial roll-out of the Company’s InVisionFirst™-Lung liquid biopsy test, which recently received coverage determination 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. This liquid biopsy test uses a simple blood draw to detect clinically relevant cancer mutations to provide molecular insights relevant to that patient. InVisionFirst-Lung is commercially available in the US.
The Series B financing will also enable the Company to accelerate the development of the InVision® liquid biopsy platform into new indications to drive the future growth of the Company.
Clive Morris, Chief Executive Officer at Inivata, said:
“This Series B financing allows us to commercialize our lead product in patients with advanced lung cancer, following our positive reimbursement decision. We also have an exciting portfolio of future products that will be advanced in parallel to maximize the benefits of our industry-leading InVision Liquid Biopsy platform to patients. We are grateful to our existing investors for their continued support and are delighted to welcome RT Ventures to our already strong investor base. With these funds in place, we look forward to continuing our mission to transform the lives of cancer patients through the power of liquid biopsy.”
Inivata is a leader in liquid biopsy. Its InVision® platform unlocks essential genomic information from a simple blood draw to guide and personalize cancer treatment, monitor response and detect relapse. Inivata’s technology is based on pioneering research from the Cancer Research UK Cambridge Institute, University of Cambridge. Its lead product, InVisionFirst®-Lung is commercially available and offers best-in-class sensitivity and turnaround, providing molecular insights that enable clinicians to make more informed treatment decisions for advanced NSCLC patients. Inivata has also launched the personalized RaDaR™ assay – allowing the highly sensitive detection of residual disease and recurrence. Inivata is partnering with pharmaceutical, biotechnology companies and commercial partners in a range of early and late stage cancer development programs. The Company has a CLIA certified, CAP accredited laboratory in Research Triangle Park, NC and R&D laboratories in Cambridge, UK. For more information, please go to www.inivata.com. Follow us on Twitter @Inivata.