Precision medicine testing and analysis company Variantyx announced today that it has raised an additional $41.5 million in private funding through a Series C placement led by previous investor New Era Capital partners. The proceed of this latest tranche will be used to fund the launch of new solutions across an array of indication, with a special emphasis on broadening the company’s penetration of its precision oncology portfolio.
According to the company, its Genomic Unity® diagnostic unifies a number of detection methods in a single test and delvers the information via a single report. “Traditional genetic tests detect only certain types of changes in an individual’s DNA. Sanger and NGS methodologies are used for small sequence changes. Southern blots for detection of large short tandem repeat expansions (STRs) and large deletions. PCR and capillary electrophoresis for shorter STRs. qPCR and MLPA for deletions and duplications, and arrayCGH/microarray, FISH and karyotype for gross chromosomal deletions,” the company notes on its website.
“At Variantyx, we use a single method to detect all of these variant types from a single sample, providing our findings in a single, unified clinical report.”
While the company already offers its Genomic Unity® test across a number of indications including prenatal testing, neurology, and personal genome screening, among others, the new funding will allow it to address the rapidly expanding oncology molecular testing market. Its precision oncology offering can identify unique genetic alterations in a patient’s tumor to help predict treatment response, optimize care, and provide prognostic and clinical trials information.
“The funding is a great testament of confidence and trust in the company,” said Haim Neerman, CEO of Variantyx in a press release. “It allows us to expand our diagnostic solutions to a wider array of customers so that medical care can become more personalized. The growth of Variantyx has been exponential, and we look forward to sharing the new disruptive products we have in the pipeline.”
Variantyx announced in May 2021 that it was expanding into oncology and prenatal testing. It’s prenatal test is recommended for use when ultrasound testing identifies structural anomalies in a fetus. The test analyzes amniotic fluid as well as blood from both parents to provide a genomic analysis of the fetus. The company’s oncology test analyzes both tumor and normal tissue, and employs artificial intelligence technology for somatic mutation detection licensed from IBM in December 2020. Potential applications for the test are in disease recurrence monitoring, pharmacogenomics, clinical trials, and recommending targeted therapies.
According to the company—founded in 2014 as a clinical decision support engine— its technology is employed by prominent healthcare systems in the US, including Penn Medicine, Mayo Clinic, the Cleveland Clinic, Emory Healthcare, Mount Sinai Health System, and Johns Hopkins Medicine.
“Variantyx is changing the way precision medicine is done with the most advanced platform on the market, which can detect a range of genetic findings through whole genome analysis. That makes a huge difference in the diagnostics and treatment market,” says Gideon Argov, managing partner at New Era Capital Partners. “We are excited to help take the company to the next level, making personalized medicine more widespread.”
