[11/16/2020 – 360dx] InterVenn Biosciences announced Monday it has raised $34 million in a Series B financing round to commercialize its ovarian cancer diagnostic.
The funding round was led by Anzu Partners with participation from Genoa Ventures, Amplify Partners, True Ventures, Xeraya Capital and the Ojjeh Family. The money will be used to commercialize the firm’s high-throughput glycoproteomic powered diagnostic test for ovarian cancer and to service the increasing demand for its partnership platform, the company said in a statement. It will also be used to accelerate development for its immune-oncology treatment response and colorectal cancer indications.
InterVenn also announced that John Leite joined the company as chief business officer, and David Michael will join the firm’s board of directors. Leite previously led clinical business development activities at Illumina, and Michael is a managing partner at Anzu Partners.
The South San Francisco-based firm analyzes protein glycosylation to discover biomarkers using its PiP artificial intelligence neural network for high-throughput analysis. It also has the Vista research product, which is used for several different cancers, including ovarian, renal, lung, liver, prostate, and pancreatic cancer. Vista’s panels have a limited number of glycopeptide signatures providing highly targeted, accurate readouts, the company said.
InterVenn is currently enrolling patients in a multicenter clinical trial for its ovarian cancer liquid biopsy test, which aims to distinguish malignant pelvic tumors from benign ones.