News & Insights
Oxford Technology & Innovations EIS Fund (OTIF) has subscribes to Biofidelity’s $24m funding round.
- Biofidelity has raised an internally led $24m funding round with support from existing investors including Agilent Technologies, Octopus Ventures, BlueYard Capital, and Longwall Ventures.
- The funding will support commerical rollout following the launch of its first product ASPYRE-Lung, a novel test that simplifies and accelerates the detection of biomarkers for non-small cell lung cancer.
Oxford Investment Consultants LLP (OIC) is pleased to announce that the Oxford Technology & Innovations EIS Fund (OTIF) has subscribed to Biofidelity’s $24m funding round. The proceeds will be used to accelerate commercial and clinical expansion in the US and expand the product pipeline.
Biofidelity is committed to improving access to genomic analysis and prcision cancer therapies. The funding follows the launch of their first product, ASPYRE®-Lung, a novel test that dramatically simplifies and accelerates the detection of biomarkers for non-small cell lung cancer, enabling clinicians to determine which treatment is best for each patient in days instead of weeks and at a fraction of the cost of current sequencing tests.
Biofidelity Co-Founder and CEO Dr. Barnaby Balmforth said: “This significant investment underlines the confidence of our investors in Biofidelity’s unique technologies and our mission to bring the benefits of precision medicine to all patients. It provides us with the capital needed to expand the adoption of ASPYRE-Lung, a completely new category of molecular diagnostic that fulfills an acute unmet clinical need for people with lung cancer and the clinicians who treat them.”
Tad Weems, managing director of the Early Stage Partnership program at Agilent Technologies said: “Biofidelity’s technologies are positioned to address critical gaps in genomic testing and research. We are thrilled to continue our partnership with Biofidelity as the team embarks on the next phase of their growth and commercial expansion.”
Read the full press release here.