Veracyte Inc announced the successful completion of its Series B round, a key milestone toward the company’s first product launch later this year. Veracyte seeks to develop and commercialize molecular cytology solutions to improve the early and accurate diagnosis of cancer, thereby aiding physicians and patients in making more informed treatment decisions.
This round was led by Domain Associates with significant participation from Veracyte’s founding investors including Kleiner Perkins Caufield & Byers (KPCB), TPG Biotech (TPG), and Versant Ventures.
“We are honored to have Domain Associates lead this round,” said Veracyte’s CEO, Bonnie Anderson. “Domain, along with KPCB, TPG, and Versant, has a successful track record in guiding the commercialization of new and innovative technologies to improve patient care. This investment will be used to bring our advanced testing service in thyroid cancer to market by the end of this year.”
Discovered through the use of state-of-the-art whole genome analysis tools, the thyroid product is designed to classify indeterminate thyroid nodules accurately as benign or suspicious for malignancy, thereby significantly reducing the number of benign surgeries. The test is currently being validated using a large-scale, prospective, multicenter clinical trial underway at more than thirty community sites and a dozen academic medical centers across the United States.
The company’s product pipeline includes advanced molecular testing for thyroid and lung cancer. The lung program is in early stage biomarker discovery.
Source: Veracyte
