Personal Genome Diagnostics (PGDx) has launched its METDetect assay for the detection of Met gene amplifications in the circulation of cancer patients. Separately, the company announced that it has raised US$2.8mn in a private financing.
The US$2.8mn funding round from several undisclosed private investors is the first external financing PGDx has raised. Since its inception in 2010, the company has been funded primarily by revenues from the cancer genome analysis services it provides to a wide variety of biopharmaceutical firms, academic research centres, contract research organisations and cancer patients and physicians. The new funds will be used to help support further development and marketing of PGDx' circulating tumour DNA (ctDNA) assays.
The METDetect assay is the first in a planned series of PGDx ctDNA tests that will enable researchers, oncologists and patients to make more informed cancer treatment decisions. METDetect uses next-generation sequencing and PGDx' proprietary high sensitivity PARE and other technologies to identify focal amplifications of the Met gene that can be useful for prediction of therapeutic response, overall prognosis and cancer recurrence, and for ongoing monitoring. Analyses are performed in PGDx' CLIA laboratory certified for high complexity clinical testing and take two to three weeks. The comprehensive report includes identification and schematic representation of tumour-specific Met amplifications, annotation of predicted mutation consequences, data summary statistics and integrated analysis reporting. The METDetect assay is CLIA-approved and immediately available for clinical and investigative use.