PetDx Raises $ 62 Million in Series B Funding to Expand Adoption of Its Early Detection Blood Test for Multiple Canine Cancers, OncoK9
Cancer is by far the leading cause of death in dogs, with an estimated six million new cases diagnosed each year in the United States alone; the annual incidence of cancer in dogs is estimated to be ten times higher than in humans. There is currently no established cancer screening program for dogs. PetDx recently launched its new multi-cancer early detection test, OncoK9Â®, as a simple blood test that can be easily integrated into the veterinary clinic routine. OncoK9, the first and only liquid biopsy test for the detection of genomic alterations associated with cancer in dogs, is recommended as an annual screening test in dogs at higher risk of developing cancer due to age or breed, and as an aid in the diagnostic test in dogs suspected of having cancer.
The new funding will be used to expand the adoption of OncoK9 directly through PetDx’s own business platform as well as through strategic distribution partnerships, and to expand test throughput at the company’s central lab in San Diego. It will also allow PetDx to accelerate its R&D roadmap and earlier deliver its comprehensive scientific vision for the detection, characterization and management of cancer in companion animals.
âOver the past two years, PetDx has made unprecedented efforts in veterinary cancer diagnostics to develop and validate the world’s first non-invasive cell-free DNA (cfDNA) test for the detection of canine cancer, in order to to respond to a huge unmet need in the veterinary space. “said Daniel Grosu, MD, MBA, Founder and CEO of PetDx.” We know from decades of experience with human cancer that early detection saves lives, and the PetDx team is delighted to bring the latest advancements in liquid biopsy technology from human medicine to the field of animal health. â
From the seed stage, PetDx’s fundraising strategy has prioritized building a community around the company’s mission, with many value-added investors (including more than 50 senior executives in genomics and animal health sectors and over 25 leading veterinarians) who have made personal investments to date.
“We are very fortunate to have a large family of investors who support our goal of making PetDx the world’s premier veterinary cancer diagnostics company,” said Arthur polk, co-founder, CFO and head of business development at PetDx. âThe B-Series increase provides PetDx with the resources to embark on the large-scale commercialization of our pioneering solutions and to advance a rich R&D pipeline in one of the last great green spaces for genomic medicine. ”
Based on Illumina’s Next Generation Sequencing (NGS) technology, which also powers the latest advancements in human liquid biopsy testing for cancer, OncoK9 has been clinically validated through the CANcer Detection in Dogs) using prospectively collected samples from over 1,000 customers. -Own dogs in more than 40 clinical sites on four continents. The study demonstrated the test’s ability to detect 30 types of canine cancer, with overall sensitivity and specificity reflecting the performance of newly developed MCED tests for cancer screening in human patients. The results of the CANDiD study – the largest clinical validation study ever conducted in veterinary cancer diagnosis – were recently submitted to a leading peer-reviewed journal, and a summary of the results is available in a white paper on PetDx.com.
OncoK9 is currently available in many veterinary clinics in the United States, and PetDx is actively developing business relationships with clinics and distributors, as well as R&D relationships with veterinary and human pharmaceutical companies around the world.
PetDxÂ® – The Liquid Biopsy Company for Pets is a San Diegomolecular diagnostics company dedicated to unleashing the power of genomics to improve the health of companion animals. The company’s flagship product, OncoK9Â®, allows veterinarians to detect cancer in dogs with a simple blood test. As the first multiple cancer early detection assay (ECED), OncoK9 uses cutting-edge genomic analysis that harnesses next-generation sequencing technology (NGS) and proprietary bioinformatics algorithms, enabling veterinarians to provide superior patient care canines. To find out more, visit www.petdx.com.
Longview Asset Management LLC (“Longview”) is a multi-strategy investment company with an exceptionally stable and substantial asset base. This permanent capital has enabled its investment team of rare longevity to develop in-depth expertise in selected sectors on the public and private capital markets. These sectors include healthcare, pet / animal supplies and services, where the company has made successful investments over a 15-year period in Chewy, Petsmart, Fi and Wedgewood Pharmacy.