Exosome Diagnostics, a developer of biofluid-based tests for cancer and other diseases, said today it has raised $30 million in an oversubscribed Series C financing.
Exosome Diagnostics said it intends to use proceeds from the financing to support rapid commercial expansion of its ExoDx Prostate(IntelliScore) and other oncology tests—as well as apply its proprietary technologies toward developing tests for areas that include neurodegenerative diseases, transplant rejection monitoring, and cardiology.
ExoDx Prostate(IntelliScore) is a non-invasive urine-based liquid biopsy designed to accurately identify high-grade (Gleason Score ≥ 7) prostate cancer (HGPCA) in men 50 years or older with a prostate-specific antigen (PSA) 2-10ng/mL presenting for an initial biopsy. The test is designed to be used along with PSA and other standard of care factors—including age, race, and family history—to enable physicians to predict whether patients could potentially avoid an initial biopsy if they do not have HGPCA, and instead continue to be monitored.
ExoDx Prostate(IntelliScore) analyzes exosomal RNA for three biomarkers known to be expressed in men with high-grade prostate cancer. Patients submit a urine sample without having to first undergo a digital rectal exam. Through a proprietary algorithm integrating the three-gene signature, the test assigns an individualized risk score for patients that predicts the presence of high-grade prostate cancer.
“With the success of the ExoDx Prostate (Intelliscore) test, the company has created a roadmap with payors by which it will rapidly launch tests for additional indications,” Exosome Diagnostics President and CEO John Boyce said in a statement. “We are pleased to have completed this financing round, as it will allow the company to further its position as the leader in the companion diagnostics liquid biopsy market and significantly broaden its portfolio of diagnostic tests for patient care.”
The completed Series C financing brings to $110 million the total amount of capital raised by Exosome Diagnostics. The company completed a $60 million Series B financing in January 2016, and raised $20 million in Series A financing in 2010—financings that landed the company on Clinical OMICs’ “10 Liquid Biopsy Companies in the Money” list earlier this this year.
Exosome Diagnostics said it will also use part of its proceeds to expand its companion diagnostics and exosomal instrumentation businesses—including its Shahky™ point-of-care protein capture and analysis instrument, based on sample in-answer out, protein biomarker interrogation capabilities—as well as technologies the company reasons will help it stand out, such as one reaction RNA and cell-free DNA interrogation.
In February, Exosome Diagnostics agreed to give Merck KGaA access to Shahky, which according to the diagnostics developer can selectively target disease-specific exosomes and removing background that is non-relevant to the disease in question. Shahky was tested and its performance validated in a leading Boston Hospital in January 2017, the company said at the time.
In addition, Exosome Diagnostics plans to use part of its funds towards advancing current technology platform capabilities and commercializing new ones, such as isolating disease specific exosomes based on tissue type. The company’s has developed an exosome-based technology platform, ExoLution™, and last year launched a biomarker discovery partnership with Takeda Pharmaceutical to develop an exosomal RNA sequencing platform.
Two existing investors, Tiger Partners and Forbion Capital Partners, led the financing, with participation by Blue Ridge Capital, NGN Capital, Arcus Ventures, b-to-v Partners, CD Ventures, and other investors.
“Over the last 18 months the leadership team at Exosome Diagnostics has seriously impressed us by transforming the company from its scientific leadership position in the market, to taking the commercial leadership position in the field of liquid biopsy diagnostics, starting with its launch of the first truly actionable liquid biopsy test and subsequent launch of additional actionable diagnostic tests,” Forbion co-founding partner Geert-Jan Mulder, M.D., said in a statement.