Biofidelity raises $24 million in new financing to accelerate commercialization and expand product pipeline

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Apr 03, 2024, 08:17 ET

CAMBRIDGE, England and RESEARCH TRIANGLE PARK, N.C., April 3, 2024 /PRNewswire/ -- Biofidelity, a revolutionary genomic technology company dedicated to bringing the benefits of precision medicine to patients around the world, successfully completed a financing round totalling $24 million bringing total funding raised since the Company was founded in 2019 to $60 million.

The latest round of financing will accelerate the growth of the Company, including commercial and clinical expansion in the United States to accelerate the adoption of ASPYRE^®-Lung, a novel test that dramatically simplifies and accelerates the detection of biomarkers for non-small cell lung cancer (NSCLC), enabling clinicians to determine which treatment is best for each patient in days instead of weeks and at a fraction of the cost of current sequencing tests. Additionally, the new investment will enable the establishment of a dedicated manufacturing facility in the United Kingdom and drive pipeline expansion efforts across the Company's innovative technology platforms.

"This significant investment underlines the confidence of our investors in Biofidelity's unique technologies and our mission to bring the benefits of precision medicine to all patients," said Biofidelity Co-Founder and CEO Dr. Barnaby Balmforth. "It provides us with the capital needed to expand the adoption of ASPYRE-Lung, a completely new category of molecular diagnostic that fulfills an acute unmet clinical need for people with lung cancer and the clinicians who treat them."

The new funding round includes fresh commitments from current investors including Agilent Technologies, Octopus Ventures, BlueYard Capital, and Longwall Ventures. Since Biofidelity's oversubscribed Series A+ investment raise in early 2022, the Company has achieved significant milestones including:

Launch of two commercial products
Significant scientific traction through the publication of 12 white papers and clinical data sets with leading cancer centers using ASPYRE-Lung
Pilot and/or commercial programs initiated at 15 leading cancer centers, laboratories and pharma in the US driving the commercial adoption of ASPYRE-Lung
More than doubled the global team of world class talent.

"Biofidelity's technologies are positioned to address critical gaps in genomic testing and research," said Tad Weems, managing director of the Early Stage Partnership program at Agilent Technologies. "We are thrilled to continue our partnership with Biofidelity as the team embarks on the next phase of their growth and commercial expansion."

Biofidelity will showcase the latest ASPYRE-Lung data at the American Association for Cancer Research Conference (AACR) April 5-10 in San Diego, CA including a Late Breaking Abstract (LBA) entitled: "ASPYRE-Lung addresses critical gaps in NGS-based biomarker testing: Robust variant calling from NGS QC fails," AACR Abstract LB095.

About Biofidelity

Biofidelity is a rapidly growing commercial-stage genomic technology company dedicated to improving and extending the lives of patients with cancer by enabling better targeting of therapies, early detection of treatment resistance and routine monitoring of treatment response.

Visit biofidelity.com and connect with us on LinkedIn and X.

Contact
Andrea Conners
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SOURCE Biofidelity