CAMBRIDGE, England, January 26, 2016 /PRNewswire/ --
Inivata Limited, a clinical cancer genomics company employing the precision of circulating tumour DNA ("ctDNA") analysis to improve personalized healthcare in oncology, today announced the completion of a Series A fundraising of £31.5 Million ($45M). Existing investors Imperial Innovations, Cambridge Innovation Capital, and Johnson & Johnson Innovation - JJDC, Inc. all participated in the round, as did new investor Woodford Patient Capital Trust.
"Since Inivata's seed funding sixteen months ago, the market has seen an explosion of interest and funding in liquid biopsy research. With our early presence in Cambridge, UK and our imminent presence in the USA, we are well-placed to be forerunners in the practical application of liquid biopsy for clinical oncologists," said Michael Stocum, Chief Executive Officer of Inivata. "We are grateful to our existing investors for their continued strong support of Inivata and very pleased to welcome Woodford Patient Capital Trust to augment what is already a very strong investor base. Our mission is to partner with oncologists to revolutionize cancer treatments and outcomes for their patients - part of a new landscape of personalized healthcare."
The new funds will be used to accelerate clinical studies to validate Inivata's technology platform based on enhanced TAm-Seq, and commercialize the company's first products. Inivata's platform will initially be applied across a spectrum of solid tumors, including lung, breast and colon cancer to demonstrate the integration of genomic information with clinically actionable decision-making, thereby defining a personalized approach to cancer care.
"Inivata has advanced significantly since inception and is poised to become a leader in the rapidly-growing field of ctDNA analysis," said Rob Woodman, Director of Healthcare Investments at Imperial Innovations. "This fundraising reflects the great progress the company has made in developing innovative molecular profiling and monitoring products that will have real impact on patient care, and will help strengthen the platform for the company to roll these products out."
Inivata's proprietary technology represents a new generation of non-invasive molecular profiling from a simple blood draw that is poised to impact the major aspects of a patient's care including diagnosis, prognosis, treatment stratification and response monitoring. The test, which allows precise analysis of cancer-related mutations present in ctDNA, is designed to provide oncologists with clinically actionable genomic information to guide therapy selection, monitor treatment progress and, importantly, detect new mutations as they emerge. The genomic analysis of ctDNA has the potential to transform cancer care and resolve many of the limitations inherent in current tissue-based testing protocols that are highly invasive and are not amenable to serial monitoring in routine practice. Inivata's platform is based on pioneering research from the Rosenfeld Lab at the Cancer Research UK Cambridge Institute (CRUK-CI) and to date, Inivata has demonstrated putative clinical utility of enhanced TAm-Seq through published clinical work presented at multiple cancer conferences in the fall of 2015.
"We have been impressed with the results thus far from Inivata's initial clinical studies that highlight the sensitivity and accuracy of the Company's ctDNA platform. Inivata is already working with a strong network of clinicians in both Europe and the United States and this new funding will allow the company to accelerate its clinical validation and commercialization efforts," said Robert Tansley of Cambridge Innovation Capital.
Inivata, an international clinical cancer genomics company, is employing the precision of ctDNA analysis to improve personalized healthcare in oncology. Using a simple blood test, circulating tumour DNA (ctDNA) analysis is a new tool for oncologists to detect cancer, stratify patients, and assess individual response to treatment. Inivata's proprietary technology is based on pioneering research from the Rosenfeld Lab at Cancer Research (CRUK), Cambridge. Investors and shareholders include Imperial Innovations, Johnson & Johnson Innovation - JJDC, Inc., Cambridge Innovation Capital, Woodford Patient Capital Trust, and Cancer Research Technology.
About Imperial Innovations
Imperial Innovations Group plc ("Innovations") creates, builds and invests in pioneering technology companies and licensing opportunities developed from outstanding scientific research from the 'Golden Triangle', the geographical region broadly bounded by London, Cambridge and Oxford. This area has an unrivalled cluster of outstanding academic research and technology businesses, and is home to four of the world's top 10 universities, as well as leading research institutions, the cream of the UK's science and technology businesses and many of its leading investors.
Innovations supports scientists and entrepreneurs in the commercialisation of their ideas, through the licensing of intellectual property, by leading the formation of new companies, by recruiting high-calibre management teams and by providing investment and encouraging co-investment. Innovations remains an active investor over the life of its portfolio companies, with the majority of Innovations' investment going into businesses in which it is already a shareholder.
Since becoming a public company in 2006, Innovations has raised more than £346.0 million of equity from investors, which has enabled it to invest in some of the most exciting spin-outs to come out of UK academic research. In addition, the Group has agreed £80.0 million in loan facilities from the European Investment Bank (EIB). http://www.imperialinnovations.co.uk
Between Innovations' admission to AIM (August 2006) and 31 July 2015, Innovations has invested a total of £236.8 million across its portfolio companies, which have raised collectively investment of £1.3 billion.
About Woodford Patient Capital Trust (WPCT)
WPCT is the £800 million investment trust launched in April 2015 by Woodford Investment Management LLP (Woodford). The trust invests mainly in early-stage and early-growth companies but also has exposure to some blue-chip companies. Woodford is a fast-growing asset management company built on a founding philosophy of transparency and simplicity. Launched in May 2014, the company has more than £14bn assets under management. Further information can be found at https://woodfordfunds.com
About Johnson & Johnson Innovation - JJDC
Johnson & Johnson Innovation - JJDC, Inc. is the venture capital subsidiary of Johnson & Johnson. It has been investing since 1973 in the medical device, diagnostic, pharmaceutical and consumer health areas. JJDC's goal is to create opportunities that meet the strategic needs of its operating affiliates while providing visibility to innovative emerging technology, businesses and business models. JJDC invests in companies across the continuum from early stage seed investments to advanced stages of series venture management. http://www.jjdc.com
About Cambridge Innovation Capital
Cambridge Innovation Capital ("CIC") is an investment fund that invests in high-growth technology and healthcare companies. It is led by an experienced investment team, an outstanding board and advisory panel of leading scientists and entrepreneurs.
CIC combines a strong relationship with the University of Cambridge with deep financial and industry links from within and beyond the Cambridgeshire area. It raised initial capital of £50 million in 2013 from long term institutional and strategic investors such as Invesco Perpetual, Lansdowne, IP Group and University of Cambridge Endowment Fund. The company strives to build leading businesses using a long term return strategy - removing the pressure to deliver the early exits associated with the traditional venture capital model.
Positioned within the dynamic Cambridge Cluster, CIC has a unique appreciation for world-leading scientific development. The company is committed to ensuring that its investment partners can build leading businesses from brilliant technologies - with the support of some of the most influential figures in the sector.
For further information, including details of other CIC portfolio companies, see http://www.cambridgeinnovationcapital.com.
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SOURCE Inivata Limited