Novigenix announces first closing of its $20m Series B round
Novigenix SA, a data-driven precision medicine biotech that develops and commercialises Immuno-Transcriptomic precision oncology solutions, announced first closing of its $20 million Series B financing round with participation from existing and new investors.
Key highlights:
- Novigenix has received Series B financing to advance its expansion of precision oncology solutions with its LITOseek platform.
- Novigenix‘s LITOseek platform gives insights into the molecular pathways associated with onset of cancer and their response to therapy.
- The proceeds of the fund will be utilised to fast track the clinical validation of Novigenix´s second generation NGS-based liquid biopsy CRC screening assay.
Novigenix‘s Liquid Immuno-Transcriptomic (LITOseek) platform provides previously unknown insights into the molecular pathways associated with onset of cancer and their response to therapy. The company has validated its unique approach in Colorectal Cancer (CRC) screening, and provides new molecular insights and predictive algorithms for patient stratification and monitoring of Immunotherapies.
Dr. Miro Venturi, member of the board of directors of Novigenix, commented: “There is currently a great need in oncology for individualised treatment of patients based on their specific immune subtypes in order to improve outcomes and accelerate development of new therapies. The Novigenix platform has demonstrated a unique differentiated approach that can contribute to more effective patient stratification and therapy monitoring."
The proceeds will be utilised to fast track the clinical validation of Novigenix´s second generation NGS-based liquid biopsy CRC screening assay, and development of new immunotherapy patient stratification assays. The immuno-transcriptomic cancer-specific profiles obtained from blood draws are combined with multi-modal information such as patient clinical data to predict response to therapy at baseline, and treatment monitoring following therapy.
“We are grateful for the continued support of our long-term investors and are delighted to welcome new investors to our growing shareholder base.” said Dr. Brian Hashemi, executive chairman of Novigenix. “This financing round will accelerate expansion of our precision oncology solutions for biopharma applications, and support development of new products on our LITOseek platform to help improve patient outcomes”.