Funds will accelerate commercialisation of InVisionFirstTM-Lung Liquid Biopsy test and the development of the InVision® liquid biopsy platform into new indications
Cambridge Innovation Capital has participated in Inivata’s Series B fundraising of £40 million ($53 million). The first close of the financing occurred in August 2018, with the final tranche of the over-subscribed round being received in March 2019, based on strong delivery againstcorporate milestones.
The funds raised will be used to advance the US commercial roll-out of Inivata’s InVisionFirst-Lung liquid biopsy test. Inivata recently received coverage determination for its InVisionFirst-Lung test for Medicare patients with advanced non-small cell lung cancer (NSCLC), paving the way for the test to be used in routine clinical care. This liquid biopsy test uses a simple blood draw to detect clinically relevant cancer mutations to provide molecular insights relevant to that patient. InVisionFirst-Lung is commercially available in the US.
The Series B financing will also enable the company to accelerate the development of the InVision® liquid biopsy platform into new indications to drive the future growth of the company.
Clive Morris, Chief Executive Officer at Inivata, said, “This Series B financing allows us to commercialise our lead product in patients with advanced lung cancer following our positive reimbursement decision. We also have an exciting portfolio of future products that will be progressed in parallel to maximise the benefits of our industry-leading InVision Liquid Biopsy platform to patients. With these funds in place, we look forward to continuing our mission to transform the lives of cancer patients through the power of liquid biopsy.”
Michael Anstey, Investment Director at CIC added, “Inivata has made great progress since our first investment when it was spun out of Cancer Research UK’s laboratories in Cambridge. We are delighted to have helped Inivata develop from a start-up through to commercialising its products. InvisionFirst- Lung will improve the accuracy and the turnaround time of test results for patients with advanced non-small cell lung cancer. We look forward to continuing to support Inivata as it grows and develops its InVision platform further.”