Biological Dynamics Inc., a molecular diagnostics company, announced that it has completed a $26.8 million round of financing.
The financing round, consisting of a combination of Series C investment and convertible debt, was led by a large institutional investor associated with a major university. The round was joined by new and existing investors including Heritage Group, Alexandria Venture Investment, and Irwin Jacobs, the co-founder of Qualcomm.
Proceeds from the financing will be used to advance regulatory clearance for the San Diego company’s lead oncology diagnostic program, TR(ACE) assay, and for general working capital purposes.
“We believe TR(ACE) will resolve many limitations of existing treatment response monitoring toolsets, enabling doctors and patients to navigate cancer care with greater clarity,” said Raj Krishnan, CEO of Biological Dynamics. “The new funding will help us to execute on our regulatory strategy and to bring TR(ACE) to the clinic.”
Biological Dynamics has pioneered the use of alternating current electrokinetics (ACE) technology in the field of molecular diagnostics. The company’s ACE “lab-on-chip” platform isolates nanoparticles from high conductance physiological solutions such as whole blood, plasma, and serum directly without the need for dilution and with minimal hands-on time.
Oncologists typically have a short window of chemo-tolerability during which they can make informed decisions as to whether a patient should be switched to another therapy. It is essential for physicians to be able to distinguish whether a patient will benefit from the treatment early in the process. Biological Dynamics’ goal is to bring TR(ACE) to the clinic and thereby enable physicians, patients, and payers to navigate cancer care more effectively, built from a clear understanding of whether a cancer treatment ― regardless of its cost or complexity ― is working for a specific patient.