Toma profiles $3.6m series C

Toma Biosciences, a US-based oncological genomics provider based on Stanford University research, has received more than $3.6m in a series C round backed by the university.

The round also featured VC firm Keiretsu Capital and several of its affiliate angel syndicates, dubbed Keiretsu Forum Chapters, as well as Sayj Global Partners, Paladin Capital, Correlation Ventures, Prolog Ventures, Vital Capital, and unnamed family offices and private investors.

Founded in 2011, Toma Biosciences has developed a genomics testing platform, Signome Tumor Profiling System, that classifies tumours according to their genetic mutations by matching them against a panel of 130 cancerous genes.

Users feed the DNA specimens into Toma’s reagents to prepare them for sequencing, the results of which are then assessed by a cloud-based software service.

Signome is expected to help researchers discern between DNA alterations caused by tumours and changes attributable to inherited genetics. Signome is currently sold to clinical laboratories in the US and Asia, and the series C will support preparations for a wider commercial release.

The spinout was co-founded by four faculty of Stanford University School of Medicine, including Hanlee Ji, professor of oncology, James Ford, associate professor of oncology and genetics, and Calvin Kuo, professor of haematology.

Lincoln Nadauld, director of cancer genomics at non-profit healthcare provider Intermountain Healthcare and adjunct assistant professor of oncology at Stanford, is also a co-founder.

Toma Biosciences previously raised $6m and $11.9m in equity from undisclosed investors in 2014 and 2016 respectively, according to securities filings.

The company’s existing backers include Alafi Capital and Correlation Ventures, which had invested through its second VC fund, Correlation Ventures II, by 2016, however further details could not be ascertained.

Wolfgang Daum, president and chief executive of Toma, said: “With this funding, Toma will be able to help many more laboratories in the US and around the globe to simplify workflow, improve the accuracy and reduce the cost of cancer genomics testing.

“Our team set out to build a simple and complete solution for clinical researchers to analyse tumour DNA and produce actionable findings; with Signome they have achieved that aim.”