US-based genetic sequencing technology developer TwinStrand Biosciences closed a $50m series B round yesterday featuring Alexandria Venture Investments, a vehicle for life sciences real estate investment trust Alexandria Real Estate Equities.

Section 32 led the round, which included Soleus Capital, Janus Henderson Investors, Madrona Venture Group, Ridgeback Capital and unnamed existing investors.

Founded in 2015, TwinStrand has developed a biochemistry and software-based platform that identifies ultra-low frequency DNA mutations with a resolution 10,000 times greater than products currently available.

The company’s technology has applications in areas such as early cancer detection and recurrence monitoring. Section 32 partner Michael Pellini will join the TwinStrand board of directors in connection with the round.

Jesse Salk, chief scientific officer and co-founder of TwinStrand, said: “This financing is a rewarding milestone in our growth as a company and a true testament to our team’s perseverance in a challenging year.

“In addition to the commercial launch of our first products, and the build out of our clinical lab, 2020 marked an important milestone in the validation of our expanding intellectual property portfolio as we closed a major deal in liquid biopsy to kick off our out-licensing programme.”

TwinStrand had previously secured an amount indicated by a securities filing to be $16.3m in a late 2019 series A round led by Madrona Venture Group that included existing backer Alexandria Venture Investments, Ridgeback Capital and Sahsen Ventures to take its overall funding to $21.8m.

The original version of this article appeared on our sister site, Global University Venturing.

TwinStrand Biosciences, a US-based genetic sequencing technology spinout of University of Washington, closed a $50m series B round yesterday led by Section 32.
Alexandria Venture Investments, a vehicle for life sciences real estate investment trust Alexandria Real Estate Equities, also took part, as did Soleus Capital, Janus Henderson Investors, Madrona Venture Group, Ridgeback Capital and unnamed existing backers.
Founded in 2015, TwinStrand has developed a biochemistry and software-based platform that identifies ultra-low frequency DNA mutations with a resolution 10,000 times greater than products currently available.
The spinout has likened the capabilities of its technology to finding a needle in a haystack. It has applications in areas such as early cancer detection and recurrence monitoring.
Michael Pellini, partner at Section 32, will join the TwinStrand board of directors.
Jesse Salk, chief scientific officer and co-founder of TwinStrand, said: “This financing is a rewarding milestone in our growth as a company and a true testament to our team’s perseverance in a challenging year.
“In addition to the commercial launch of our first products, and the build out of our clinical lab, 2020 marked an important milestone in the validation of our expanding intellectual property portfolio as we closed a major deal in liquid biopsy to kick off our out-licensing programme.
“We are honoured to welcome Mike to the TwinStrand team. His perspective as a clinician-executive who has built a number of pioneering life sciences companies will be invaluable as we continue to expand our product offerings, customer support and operational systems, as well as bringing technology access to new partners.”
TwinStrand previously obtained $16.3m in series A financing led by Madrona in December 2019. The round included Alexandria Venture Investments, Ridgeback Capital and Sahsen Ventures.
Alexandria Venture Investments was described as an existing backer as of the series A round, but its participation in TwinStrand’s $5.5m seed round in 2017 could not be confirmed.