La Jolla-based PetDx has raised over $62 million in new capital in a Series B financing round, one of the biggest Series B rounds for a pet startup to date. The new Series B capital infusion brings the company’s total funding to date to $72 million.
The latest financing round was led by Longview Asset Management with participation by Declaration Partners, Torch Capital, Aperture Venture Partners, Valor Equity Partners, Friedman Bioventure, K4 Family Investments and Labcorp (NYSE:LH).
The company’s $10M Series A financing in August 2020 was led by Friedman Bioventure, with participation from Petco (Nasdaq:WOOF) and an undisclosed leading pet healthcare company.
Funds Will Support Product Rollout
PetDx will use the new capital to support continued rollout of the company’s flagship product, OncoK9 – a first-in-class multi-cancer early detection (MCED) test that uses next-generation sequencing to detect many types of cancer in dogs with a simple blood draw.
The new Series B funding will be used tobroaden the adoption of OncoK9 via PetDx’s own commercial platform and strategic distribution partnerships. PetDx also plans to expand testing throughput at its central laboratory in San Diego.
Cancer is by far the leading cause of death in dogs, with approximately six million new cases diagnosed each year in the US alone; the annual incidence of cancer in dogs is estimated to be ten-fold higher than in humans.
There are currently no established cancer screening programs for dogs.
PetDx recently launched a multi-cancer early detection test called OncoK9, the first and only liquid biopsy test for the detection of cancer-associated genomic alterations in dogs.
‘Massive Unmet Need’
The test is recommended annually for dogs at higher risk of developing cancer due to age or breed, and as an aid-in-diagnosis test in dogs suspected of having cancer.
“Over the past two years, PetDx has made efforts unprecedented in veterinary cancer diagnostics to develop and validate the world’s first cell-free DNA (cfDNA) based noninvasive test for canine cancer detection, in order to address a massive unmet need in the veterinary space,” said Dr. Daniel Grosu, founder and CEO at PetDx. “We know from decades of experience with cancer in humans that early detection saves lives, and the PetDx team is thrilled to bring the latest advances in liquid biopsy technology from human medicine to the animal health arena.”
Impressive Investor List
Since the Seed stage, PetDx’s financing strategy has prioritized building a community around the company’s mission, with many value-add investors having made personal investments to date — including 50+ senior execs in genomics and animal health.
“We are very fortunate to have a wide-reaching family of investors who support our goal of building PetDx into the world’s leading veterinary cancer diagnostics company,” said Arthur Polk, co-founder, CFO and head of corporate development at PetDx. “The Series B raise provides PetDx with the resources to embark on large-scale commercialization of our pioneering solutions, and to advance a rich R&D; pipeline in one of the last major greenfield spaces for genomic medicine.”
Based on next-generation sequencing (NGS) technology from Illumina that is also powering the latest advances in human liquid biopsy testing for cancer, OncoK9 has been clinically validated through the CANDiD (CANcer Detection in Dogs) Study using samples prospectively collected from over 1,000 client-owned dogs across more than 40 clinical sites on four continents.
The study demonstrated the test’s ability to detect more than 30 canine cancer types, with overall sensitivity and specificity mirroring the performance of MCED tests recently developed for cancer screening in human patients.
Results of the CANDiD Study – the largest clinical validation study ever performed in veterinary cancer diagnostics – were recently submitted to a leading high-impact peer-reviewed journal, and a summary of the findings is available in a white paper on PetDx.com.
OncoK9 is currently available at many veterinary clinics across the U.S., and PetDx is actively developing commercial relationships with clinics and distributors, as well as R&D; relationships with veterinary and human pharmaceutical companies, around the world.
Longview Asset Management is a “multi-strategy” investment firm specializing in pet/animal health, supplies and services. The Toronto-based firm has made successful investments over a 15-year period in Chewy, Petsmart, Fi and Wedgewood Pharmacy.
CEO: Daniel Grosu
Headquarters: La Jolla
Notable: PetDx’s OncoK9 uses next-generation sequencing to detect many types of cancer in dogs
Contact: (833) 464-7297