Molecular diagnostics company Biological Dynamics has completed a round of $26.8 million Series C financing to advance regulatory clearance for its lead oncology diagnostic program, the TR(ACE) assay, and for general working capital purposes.
The financing was led by a large institutional investor associated with a major university. Existing investors Heritage Group, Alexandria Venture and Irwin Jacobs also participated in the round.
The San Diego, Calif.-based diagnostics company has incorporated alternating current electrokinetics technology in the field of molecular diagnostics. For example, its lab-on-chip platform isolates nanoparticles from high conductance physiological solutions such as whole blood, plasma, and serum directly without the need for dilution.
The TR(ACE) assay uses the platform to assist clinicians in evaluating whether a patient undergoing cancer therapy is responding to the treatment. The test results are available in 30 minutes. — Michael Cipriano