Cambridge, UK, February 1, 2022 — Biofidelity, a pioneer in precision cancer diagnostics, has successfully completed a heavily oversubscribed $23 million Series A+ investment round, led by Octopus Ventures and backed by SBI Investment Co. Ltd. and existing investors. The investment will fund the upcoming launch of ASPYRE-Lung, the company’s first commercial diagnostic assay based on its breakthrough molecular technology.
ASPYRE is a completely new category of molecular diagnostic technology that simplifies and accelerates the detection of genomic biomarkers. The technology has been developed to run on existing PCR machines, the same instrumentation used for COVID-19 testing, making comprehensive genomic biomarker analysis accessible to far more patients around the world. The information generated will help physicians to identify patients who may benefit from targeted precision cancer therapies which offer better outcomes for patients, including improved survival and fewer side effects.
While the company’s initial focus is on non-small cell lung cancer (NSCLC), it intends to expand this to broad application across the $15 billion cancer testing market.
“Our mission is to ensure that all patients diagnosed with cancer have access to the genomic information they need to receive the best possible treatment,” says Biofidelity CEO Dr. Barnaby Balmforth. “This financing is an important step towards making this vision a reality, enabling us to launch our revolutionary technology and to make comprehensive biomarker testing faster, more affordable and more accessible than ever before.”
“We’re delighted to have the backing of Octopus Ventures and SBI Investment, as well as strong support from our existing investors, as we embark on this next phase of our journey,” Balmforth adds.
The new financing round follows the successful completion of a $12 million Series A financing in May 2020, which was supported by BlueYard Capital, Longwall Ventures, and Agilent Technologies, and brings the total raised by the company to $36 million.
“It’s hard to overemphasize both the uniqueness and transformational impact of Biofidelity’s technology,” says Luke Hakes, PhD, Partner at Octopus Ventures. “We’re proud to partner with this world-class team on its mission to increase the accessibility and affordability of biomarker testing, to democratize cancer diagnostics and unlock the full potential of precision medicine for all patients.”