Blood test for minimal residual disease in cancer patients will be accelerated by $35m Inivata financing Published: 08:45, 08 February 2021
A highly sensitive test for minimal residual disease (MRD) - which can lead to relapses for cancer patients - will be further developed by Inivata after it raised $35million (£25.7m) in a second close of a Series C financing round.
The liquid biopsy pioneer, based at the Babraham Research Campus and Research Triangle Park in North Carolina, USA, said it will accelerate the clinical development and roll-out of RaDaR, its personalised assay to detect and monitor MRD and recurrence.
Clive Morris, CEO at Inivata
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Inivata Raises $35 million in Second Close of Series C Financing
February 04, 2021 07:00 ET | Source: Inivata Inivata
Inivata Raises $35 million in Second Close of Series C Financing
Funds will accelerate clinical development of RaDaR™ minimal residual disease assay and commercialization of InVisionFirst®-Lung
Research Triangle Park, NC, USA and Cambridge, UK, 4 February 2021 Inivata, a leader in liquid biopsy, today announces it has raised $35 million (£25.7 million) in a second close of a Series C financing round.
The round was led by Soleus Capital, who were joined by new investors including Janus Henderson Investors and Farallon Capital alongside existing investor IP Group. This latest funding takes the total raised in the Series C to $60 million and follows the $25 million invested by NeoGenomics, Inc (NASDAQ: NEO) in 2020, alongside the formation of a strategic collaboration with Inivata.
2 months ago
Transaction includes $150 million of fully committed common stock PIPE with participation by Fidelity Investments, funds and accounts advised by T. Rowe Price Associates, Inc. and other investors, in addition to $175 million forward purchase agreement from Dragoneer funds and Michael Bloomberg’s family office, Willett Advisors
$968 million of expected net proceeds from transaction will be used to invest in CCC’s growth initiatives and for general corporate purposes
Advent International will remain the majority shareholder and be closely aligned with Dragoneer and public shareholders at transaction close
Company expected to be listed on the NYSE upon completion of the combination in the second quarter of 2021