PHOENIX, Nov. 16, 2016 /PRNewswire-USNewswire/ -- Paradigm Diagnostics today announced the first closing of a $7 million Series B financing to support the rapid commercial expansion of its PCDx tumor sequencing test. The round was led by Mesa Verde Venture Partners.
Dr. Carey Ng, a Managing Director of Mesa Verde, joined the board of Paradigm in connection with the closing. Dr. Ng stated, "It is clear that Paradigm has built a better platform to quickly and comprehensively match cancer patients with the best treatments available. By building a patient-centric diagnostic from the ground up, they have succeeded in creating a technology that is rapid, efficient and readily usable in the clinic."
"We have seen a large increase in demand following the independent clinical validation published in July that showed better progression free survival for cancer patients using PCDx to help guide their treatment," said David Mallery, President and CEO of Paradigm. "This financing will help us build out our commercial team and establish research collaborations to better serve patients in the United States and abroad."
PCDx is a comprehensive clinical-grade NGS-based test that is designed to provide physicians and patients with a more targeted, personalized approach to cancer treatment by identifying the underlying genomic and proteomic alterations of a tumors DNA, RNA & protein. The test interrogates the most relevant genomic targets at over 5,000x average depth of coverage with 72 therapeutic associations. Results are typically delivered in 4-5 business days.
Paradigm is a private molecular information corporation established to bring cutting-edge diagnostics to cancer patients and industry by providing information about the genomic makeup of the patient's cancer and potential therapies based on the specific characterization of the patient's tumor that can impact the patient's course of treatment. Paradigm's Next-Generation Sequencing based diagnostic test PCDx provides oncologists and patients with more precise information about the specific cancer pathways in the patient and associations between the pathways and the specific drugs available that can affect the cancer to allow for more effective decision-making. The test is driven by supporting data and literature and provides more choices for patient care than currently available on the market. For more information visit http://www.paradigmdx.com or visit us on Twitter @Paradigm_DX