CRUK and Cambridge precision cancer diagnostics spinout Inivata has secured $25m from NeoGenomics as part of a deal that includes an acquisition option.

Inivata, a UK-based cancer diagnostics spinout of University of Cambridge and Cancer Research UK, yesterday received $25m from cancer diagnostics service provider NeoGenomics in a strategic deal that includes an acquisition option. Founded in 2014, Inivata develops liquid biopsy tests under the InVision brand that provide cancer diagnoses based on genomic markers indicative of circulating tumour DNA. Its flagship product, InVisionFirst-Lung, tests patients for advanced non-small cell lung cancer, a subtype responsible for an estimated 80% to 85% of all lung cancers. InVisionFirst-Lung is sanctioned for financial rebates to patients under US state health insurance program Medicare. Under the partnership, NeoGenomics is able to offer the product to its pathologist and oncologist clients. A share of the funding will support work on the rest of Inivata’s pipeline including an assay called Radar intended to accurately detect residual levels of multiple cancer subtypes. NeoGenomics will gain a seat on Inivata’s board of directors and will assist with implementing further biopharmaceutical partnership agreements. Inivata raised $6m in a 2014 seed round led by Imperial Innovations – the commercialisation firm later rebranded to Touchstone Innovations and acquired by IP Group – with participation from university-aligned patient capital fund Cambridge Innovation Capital (CIC) and Johnson & Johnson Innovation – JJDC, the corporate venturing subsidiary of healthcare group Johnson & Johnson. The spinout collected $45m of series A funding in 2016 from CIC, JJDC, Imperial Innovations and Woodford Patient Capital Trust, now known as Schroder UK Public Private Trust. Inivata subsequently closed a $52.2m series B round in March 2019 with contributions from CIC, IP Group, Woodford, JJDC and RT Ventures.

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