As a result of the financing, bioTheranostics will be spun out of bioMérieux, which will remain a minority shareholder, and will operate as an independent company.
BioTheranostics is raising $32 million in private equity financing and is announcing a spin-off from BioMérieux.
‘This is an exciting new start for bioTheranostics,’ said Nicolas Barthelemy, President and CEO of BioTheranostics. ‘We thank bioMérieux for its support over the years, which has allowed us to develop and demonstrate the clinical value of our two major marketed cancer diagnostic tests: Breast Cancer IndexSM (BCI) and CancerTYPE ID. ”
According to Barthelemy, this growth funding will allow bioTheranostics to build on the strong momentum that the company has achieved in recent years. After approval of Medicare coverage for BCI at the end of 2014, bioTheranostics reached an important inflection point in 2015, quadrupling its growth rate and doubling its revenue over the previous year. More than 900 doctors prescribed the BCI test in 2015. The company plans to increase its commercial presence and expand its clinical development programs with the aim of expanding the clinical indications for the BCI test.
‘We are lucky to invest in bioTheranostics,’ said Eric Bednarski of MVM. ‘The company has demonstrated a strong record of clinical innovation and exceptional commercial growth, driven by molecular diagnostic tests that provide meaningful, personalized information to improve cancer diagnosis and treatment. We look forward to the future of the business and are pleased to partner with the company’s outstanding management team and our co-investors. ”
BioTheronostics, Inc. , is a leader in helping physicians improve the care of cancer patients by offering a suite of proprietary molecular diagnostic tests that allow treatment to be tailored to individual patients. Breast Cancer IndexSM helps oncologists make difficult choices about extended endocrine therapy for ER+ breast cancer patients on the basis of their unique ability to predict the risk of late disease recurrence and to identify which patients are likely to benefit from continued therapy for more than five years. Its CancerTYPE ID is the most rigorously validated gene expression test for metastatic patients with diagnostic ambiguity, helping physicians to identify optimal site-directed treatment regimens to improve patient outcomes. BioTheranostics is based in San Diego, Spain. Visit www for more information. Biotheranosis Come,
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