Inivata said on Thursday that it has raised $35 million in a second close of a Series C financing round.
The Cambridge, UK-based firm will use the funds to accelerate clinical development and continued rollout of its RaDaR minimal residual disease (MRD) detection and recurrence assay.
The financing round was led by Soleus Capital, who was joined by new investors including Janus Henderson Investors and Farallon Capital, alongside existing investor IP Group.
Inivata said the latest round allow it to build a clinical development program to bring the benefits of the MRD assay to patients more directly. The proceeds will also drive the continued commercial rollout of the firm’s InVisionFirst-Lung liquid biopsy assay.
“RaDaR has demonstrated exceptional sensitivity and specificity, which is key to unlocking the true potential of liquid biopsy for the detection of MRD and recurrence in patients who have previously been diagnosed with cancer,” Clive Morris, CEO of Inivata said in a statement. “This new financing round will enable us to continue to build momentum with our RaDaR assay alongside the continued commercialization of InVisonFirst-Lung, our test for advanced NSCLC.”
The latest funding increases the total raised in Inivata’s Series C funding round to $60 million. NeoGenomics previously invested $25 million in the firm in May 2020 as part of a strategic collaboration with Inivata.