PetDx gains over $60M in financing
by Katie Pfaff
Pet molecular diagnostics firm, PetDx, received $62 million in a series B financing. The funding follows a series A financing of $10 million. The most recent financing was led by various venture capital companies while the series A financing also included Petco.
With the infusion of capital, PetDx will increase the reach of its early detection test for multiple cancers, OncoK9. PetDx expects to continue to build commercial and distribution partnerships to expand the use of OncoK9. The test is now available with veterinary clinics throughout the country.
"Over the past two years, PetDx has made efforts unprecedented in veterinary cancer diagnostics to develop and validate the world's first cell-free DNA (cfDNA) based noninvasive test for canine cancer detection, in order to address a massive unmet need in the veterinary space," said Daniel Grosu, MD, MBA, founder and chief executive officer of PetDx. "We know from decades of experience with cancer in humans that early detection saves lives, and the PetDx team is thrilled to bring the latest advances in liquid biopsy technology from human medicine to the animal health arena."
The liquid biopsy test evaluates samples for genomic changes indicative of cancer, and could be utilized as an ongoing screening tool for canines at risk based on age or breed, according to the company. The test was developed with technology from Illumina on next-generation sequencing. Based on a study of more than 1,000 dogs at 40 clinical sites, the test was able to identify 30 types of cancer with sensitivity.
PetDx is also building additional R&D collaborations with veterinary and human treatment companies.
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