Illumina Ventures has led a series A1 round for Cernostics, a cancer diagnostics company that has now raised $13m from backers including UPMC Enterprises.
Cernostics, a US-based cancer diagnostics company partly based on research at University of Pittsburgh, yesterday raised $2.5m in a series A1 round led by Illumina Ventures, the investment arm of genomics company Illumina.
Founded in 2008, Cernostics is working on a test aimed at patients suffering from Barrett’s oesophagus to predict their risk of developing oesophageal cancer.
Barrett’s oesophagus affects more than three million patients in the US. The condition is caused by chronic exposure of the oesophageal cell lining to stomach acid, creating an environment in which cancer can potentially thrive.
Oesophageal cancer is preventable through early detection of symptoms, but currently it is difficult to ascertain which patients are at risk of suffering from a progression of Barrett’s oesophagus.
Cernostics’ technology, TissueCypher, was developed in collaboration with University of Pittsburgh and physicians at the University of Pittsburgh Medical Center (UPMC) have contributed to the test’s clinical validation studies.
The funding will enable Cernostics to intensify clinical and market development studies.
The company has raised $13m to date, according to its latest press release. UPMC Enterprises, the investment arm of UPMC, led a $5m funding round in 2016 with participation from Novitas Capital.
Previous investors include healthcare system Geisinger Health System, which formed a strategic partnership with Cernostics in 2010, Pittsburgh Life Sciences Greenhouse and Ben Franklin Technology Partners of Northeastern PA, an economic development agency of Pennsylvania.
Tom Willis, partner at Illumina Ventures, said: “The best successes in reducing cancer deaths have been achieved through the use of precision molecular tools to identify cancer early, combined with effective early intervention, such as with cervical and colon cancer screening programs.
“The genomics revolution is ushering in a next generation of these tests, such as TissueCypher, and Illumina Ventures is seeking to enable their success.”
