Paradigm Diagnostics has attracted a second investor for its $7 million Series B financing. Science-focused venture capital firm New Science Ventures will invest $3 million in the data-driven molecular diagnostics company, joining Mesa Verde Venture Partners, which invested $3.5 million in late 2016.
According to the company, the money raised will be used to accelerate adoption its Paradigm Cancer Diagnostic Test, PCDx, a comprehensive genomic profiling test. It will also work to expand its Paradigm cancer registry.
"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.
PCDx is an NGS-based diagnostic that provides clinical decision support to treating physicians. The test analyzes DNA, RNA via NGS, and protein by immunohistochemistry to provide data on the molecular alterations driving a patient’s cancer and drugs that can directly impact therapeutic decision-making.
According to Grace Colón, Ph.D., of New Science Ventures, who will join the Paradigm board of directors, noted Paradigm’s broad-focused approach on clinically actionable biomarkers spanning RNA, DNA, and protein—all validated through peer-reviewed publications—is what attracted the multimillion-dollar investment.
“Through this investment we hope to help accelerate the utilization of PCDx, their leading comprehensive genomic profiling service,” Dr. Colón added.