Biodesix Completes Series C Financing and Receives Grant
BROOMFIELD, Colo., Nov. 10, 2010 /PRNewswire/ — Biodesix Inc. announced today that the company has raised $7.1 million in new equity financing, lead by existing investors. The Series C round, which included 5 new investors, will support ongoing commercialization activities for the company’s first product VeriStratÂ®, a serum proteomic test that helps physicians guide treatment for patients with non-small cell lung cancer (NSCLC). Existing shareholders of the company provided $5.1 million of the funding.
“We are pleased that our investors have demonstrated their continued support of Biodesix and our mission to advance personalized medicine,” said David Brunel, the company’s Chief Executive Officer. “This new investment will allow us to broaden and accelerate commercialization activities for VeriStrat including expanding our studies of VeriStrat’s utility with new drug combinations that can significantly improve outcomes for lung cancer patients.”
In related financing news, Biodesix also announced that they have been awarded $1.4 million in grants from the Qualified Therapeutic Discovery Program, an initiative from the Patient Protection and Affordable Care Act of 2010. Under the program, grants were awarded to small biotechnology firms that show significant potential to produce new and cost-saving therapies, support U.S. jobs and increase U.S. competitiveness. For Biodesix, the grants will help to advance development of six molecular diagnostic programs in oncology and autoimmune disease. Each of the research programs leverages the Company’s proprietary technology platform, ProTSÂ® which enables the reliable and routine use of matrix-assisted, laser desorption ionization (MALDI) mass spectrometry as a diagnostic tool.
In addition to the development of new diagnostic tests, both the financing and the grants will advance the Company’s clinical validation programs for VeriStrat, including confirming its clinical utility with additional targeted oncology therapies and for other tumor types such as colorectal, breast, and head and neck cancers.
VeriStrat is a serum proteomic test that predicts response to a specific targeted therapy, erlotinib, in patients with advanced NSCLC. Identifying patients likely to benefit from erlotinib helps physicians personalize therapy and may improve patient outcomes. Samples are processed in Biodesix’ CLIA accredited laboratory and results are typically reported within 72 hours of sample shipment. VeriStrat has been validated in clinical studies with over 1500 patients. Biodesix is engaging in additional studies to further validate the test and to explore the clinical utility of VeriStrat in other solid epithelial tumors and with other targeted therapies. For more information on VeriStrat or to order VeriStrat, visit www.VeriStratSupport.com or call the VeriStrat Support Hotline at 1-866-432-5930.
Biodesix is a personalized medicine company focused on the development of diagnostic products that inform treatment decisions and improve patient care. In 2009, Biodesix launched VeriStratÂ®, a serum proteomic test that helps physicians guide treatment for patients with non-small cell lung cancer. VeriStrat is based on ProTSÂ®, proprietary technology which harnesses the power of mass spectrometry and enables the discovery of specific molecular profiles that characterize a patient’s condition or likely outcome in response to therapy. The ProTSÂ® platform has broad application and provides the foundation for collaborations with leading researchers as well as partnerships with biotechnology and pharmaceutical companies seeking to develop companion diagnostics and improve the targeting of their therapies. For more information about Biodesix, please visit the Company’s website at www.Biodesix.com.
SOURCE Biodesix Inc.