Inivata Completes £31.5m Series A Funding Round
News Feb 03, 2016
Imperial Innovations Group plc has announced that portfolio company Inivata Limited (‘Inivata’ or the ‘Company’) has completed a £31.5 million Series A fundraising.
Innovations has committed £10.0 million to the round alongside existing investors Cambridge Innovation Capital, and Johnson and Johnson Innovation (JJDC) who also participated in the round, as did new investor Woodford Patient Capital Trust.
Inivata is a clinical cancer genomics company harnessing the emerging potential of circulating DNA analysis to improve testing and treatment for oncologists and their patients. Unlike conventional invasive biopsies, Inivata detects and analyses genomic material from a cancer patient’s cell-free, circulating tumour DNA (ctDNA) which can be collected through a simple blood sample.
This minimally-invasive approach – a liquid biopsy – offers a revolution in how cancer is detected, monitored and treated. The test allows precise analysis of cancer-related mutations present in ctDNA, and is designed to provide oncologists with clinically actionable genomic information to guide therapy selection, monitor treatment progress and detect new mutations as they emerge.
As of 31 July 2015, Innovations had invested £1.5 million in Inivata with a net carrying value of £1.5 million. Following this new investment, Innovations will have increased its investment to £11.5 million and the Group will hold a 30.6% interest in the Company.
Dr Rob Woodman, Director of Healthcare Ventures, Imperial Innovations added: “Analysis of ctDNA has the potential to transform cancer care and resolve many of the limitations inherent in current tissue-based standard protocols that are highly invasive and are not amenable to serial monitoring.
“Innovations led a seed financing round for Inivata in September 2014. The fact that the Company has secured funding of this size reflects the great progress it has made in such a short time, not least in developing innovative molecular profiling and monitoring products.
“Inivata is already widely recognized as a leader in the field of ctDNA analysis. This new funding will be used to accelerate clinical studies to demonstrate the clinical benefits of Inivata’s approach and provides a strong platform for the Company to roll these products out.”
Michael Stocum, CEO of Inivata added: “Our mission is to partner with oncologists to revolutionize cancer treatments and outcomes for their patients - part of a new landscape of personalized healthcare. We are grateful to our existing investors for their continuing strong support and are very pleased to welcome Woodford Patient Capital Trust to augment what is already a blue-chip investor base.”