Precision Oncology Company OncoDNA Closes $20M Series B Financing

Precision Oncology Company OncoDNA Closes $20M Series B Financing
Doctor telling to patient woman the results of her medical tests. Doctor showing medical records to cancer patient in hospital ward. Senior doctor explaint the side effects of the intervention.

Belgian precision oncology company OncoDNA said today it has completed a €19 million ($20 million) Series B equity financing designed to support rapid international growth, accelerate software development, and carry out hiring initiatives.

OncoDNA said it has begun rolling out its OncoKDM cancer-focused clinical decision support software, a web-based tool designed to translate raw oncology data from next-generation sequencing (NGS) of large gene panels and immunohistochemistry (IHC) analyses into clinical insights, such as treatment options or clinical trials.

OncoKDM—the “KDM” stands for “knowledge-driven medicine”—is a key component toward the company’s goal of becoming Europe’s leading oncogenomic data interpretation company, as well as supporting molecular laboratories, healthcare professionals and biopharma companies in research and clinical practice.

The company says it can integrate NGS results with data from IHC, as well as microsatellite instability (MSI) and tumor mutational burden (TMB) data.

OncoDNA aims to offer oncologists actionable results to enable the selection of treatments tailored to their patient’s individual cancer profile, using through a “one-stop-shop” approach to analysis and interpretation services.

The company combines a proprietary cancer treatment knowledge database with advanced, comprehensive testing of all clinically relevant cancer biomarkers—including DNA, RNA and protein profiles—using both solid and liquid biopsies.

OncoDNA also partners with biopharmas to develop and deliver new treatments by assisting with design, enrolment and assessment of clinical trials—as well as increasing access to approved precision medicines.

For biopharmas and academic researchers, OncoDNA organizes its services around four pillars: Clinical testing, precision enrollment, post-marketing activities and knowledge-driven medicine.

“OncoDNA is already positioned as the European champion for cancer precision medicine as we built a worldwide network of more than several thousand oncologists,” OncoDNA Founder & CEO Jean-Pol Detiffe said in a statement. “Our next move is to connect molecular laboratories to our advanced data interpretation tools, which we pride ourselves on now being possible thanks to the support of our new investors.”

Vesalius Biocapital III and Swisscanto Invest by Zürcher Kantonalbank led the financing, OncoDNA said, with “significant” support from SFPI-FPIM, and participation by existing shareholders together with CPH Bank, Inventures, Sambrinvest, Sofinim (Ackermans & Van Haaren) and SRIW.

Founded in December 2012, Goselies-based OncoDNA has grown to 50 employees in four countries. The company works with an international network of 35 distributors covering approximately 50 countries, and also collaborates with a sub-contracted laboratory of 300 collaborators.

OncoDNA raised €8 million (about $9 million) in a Series A financing that closed in September 2016.

Earlier this month, OncoDNA sent get-well wishes via Twitter to actress Shannon Doherty following her disclosure that her breast cancer had returned and progressed to Stage IV.

“Have [you] ever thought about molecular profiling to find the best treatment options to fight your Stage IV cancer[?],” OncoDNA asked, in a February 5 tweet that included emojis of a flexed arm muscle and praying hands. “Our solutions might help your oncologist by providing him with the best therapeutic recommendations. Don’t give up! God bless you!”