PathoQuest has closed a new fundraising of EUR 3.8mn. This round brings in two new investors, Idinvest and Aurinvest, in addition to the existing investor, Kurma Life Science Partners. Previously, the company had raised EUR 2mn in March 2011. These funds will allow PathoQuest to launch the first clinical study of a novel NGS (next generation sequencing)-SaaS (Software as a Service) cloud based diagnostic assay.
This assay is a bioinformatics workflow that is designed to assist the diagnostic decision-making. This clinical study will target diagnosis of severe multi-etiological-based infectious episodes in immuno-compromised patients. This immuno-suppression can be congenital or acquired, whether through immuno-suppressing treatment post-transplant or through anticancer chemotherapy. For immuno-compromised patients, the current leading diagnostic approaches remain unsatisfactory. Current approaches are biased, because, as the targets are defined, in principle you can only find what you are looking for. The use of NGS allows identification of any target, without prior selection.
PathoQuestâs assay will allow identification of pathogens in two days, compared with several weeks with current approaches. As a result, the diagnostic is more accurate and the cost is reduced. The company intends to launch a first commercial product in 2015, following an extension of this clinical trial in the US in the coming months.
Using a unique combination of proprietary sample prep and bio-IT algorithms, PathoQuest's business model is based on SaaS. In the area of infectious diseases, PathoQuest believes that it is the only company on the market to combine NGS of the whole genome of a pathogen with SaaS, while offering cloud computing access.