Peerion Dx finished raising up to $47.5 million in growth capital
ST. LOUIS–(Business Wire / Korea Newswire) November 03, 2021 — PierianDx, a global company leading clinical genomics knowledge, announced that it has closed a new growth capital of $30 million.
The funding includes equity financing and term loans with the option to access additional tranches of up to $17.5 million from 2022 to 2023 subject to specific terms. The funding was led by healthcare investment firm OrbiMed and existing investors Health Catalyst Capital, Research Triangle Institute, Inova Health Systems and ATW Partners. (ATW Partners) and SJF Ventures also participated. More and more medical institutions are trying to internalize next-generation sequencing (NGS) testing capabilities to provide high-quality care to patients at a lower cost and faster. Peerion Dx plans to accelerate commercial expansion based on new capital to meet this demand.
PeerionDx is working directly with healthcare providers, laboratories and medical centers of all sizes to build advanced NGS testing capabilities based on assay-agnostic advanced interpretation technology and support services. Founded in 2014 as a technology transfer spin-off from the University of Washington, St. Louis, PeerionDx has partnered with industry leaders and healthcare facilities worldwide to leverage NGS technology to expand advanced precision medicine programs.
Rakesh Nagarajan, Founder/President/Chief Technology and Vision Officer, PeerionDx, emphasized that “to realize the full impact of genomics, it must be applied routinely in clinical settings.” “PierionDx’s interpretation technology and services are leading the way by helping healthcare facilities understand their patients’ genetic variation, find the best treatment options, and provide the most accurate and precise treatment,” he emphasized.
Mark McDonough, CEO of PeerionDx, said, “Working with OrbiMed and existing investors to share our vision for decentralized NGS testing to help our lab and physician clients better serve their patients. I am happy to do it,” he said. “With this funding, we will build a world-class team and provide innovative solutions to leading healthcare organizations around the world to empower them to bring genomics to their communities,” he said.
PeerionDx is a partner in precision medicine, enabling clinicians and healthcare facilities to advance clinical genomics programs and modernize patient care. PeerionDx believes in the potential of genomics to transform human health and is committed to bringing its benefits to communities around the world. PeerionDx provides genomic insights to healthcare providers through advanced interpretation technology linked to the most comprehensive genomic knowledge base, helping them realize the potential of precision therapy.
OrbiMed is a major healthcare investment firm with over $18 billion in assets under management. OrbiMed invests in the global healthcare industry through a wide range of private equity, publicly traded and royal/credit funds. OrbiMed’s team of over 100 professionals is based in New York City, San Francisco, Shanghai, Hong Kong, Mumbai, Herzliya and other major global markets.
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