bioThernostics, a commercial-stage molecular diagnostics company that provides diagnostic, prognostic and predictive tests to support physicians in the treatment of cancer patients, has announced that it closed a $32 million financing round. This financing will support its autonomy, as it will no longer be a division of bioMérieux, although bioMérieux will continue to be a minority shareholder.
The financing round was led by MVM Life Science Partners, with participation of Canepa Advanced Healthcare Fund and HealthQuest Capital, according to a company statement.
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bioTheranostics has developed the diagnostic tests Breast Cancer Index (BCI) and CancerTYPE ID. BCI is a biomarker test that looks for predictive results for the likelihood of benefit from extended endocrine therapy and offers prognostic results for likelihood of recurrence. CancerTYPE ID is a test analyzing genomic information for diagnosis and treatment of metastatic cancer patients, and the test can provide results in just days.
The company had significant growth in 2015, following the approval for Medicare coverage for BCI in 2014. Last year, more than 900 physicians reportedly prescribed the BCI test. With this new financing, bioTheranostics plans to expand its commercial presence.
The company also recently announced a campaign in collaboration with Dorothy Hamill, Olympic gold medalist and breast cancer survivor, called BeWisER+ About Breast Cancer.
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