OncoDNA raises EUR 7.7 million in equity to fund growth

OncoDNA announced the closing of a new equity round with EUR 7.7 million. This financing was subscribed by the historical shareholders and a new group of investors, led by Ackermans & van Haaren.

The funds will be used by OncoDNA to speed up its already promising international growth even more, develop its innovative SaaS (Software as a Service) platform, and further expand its reference network of oncologists around the world.

The new shares were subscribed for by both the historical shareholders(IPG/bio.be, Invest4OncoDNA, Sambrinvest, and Vinsovier) as well as a group of four new investors (Sofinim NV, an affiliate of Ackermans & van Haaren, SRIW, CPH, and Inventures). Post-capital increase, Ackermans & van Haaren will hold a 15% participation in the company.

The funds raised in this round will be used:

  • to further fuel OncoDNA’s rapid market expansion globally, with the objective of becoming a worldwide leader in the field. The company strives to obtain the reimbursement for its innovative portfolio of services including: (1) OncoDEEP (a unique combination of DNA sequencing and protein analyses of solid biopsies for an enlightened treatment decision-making), (2) OncoDEEP&TRACE which combines analyses on both the solid tumour and the liquid biopsy for the very first time, and (3) OncoTRACE, the first personalised liquid biopsy analysing cell-free circulating tumour DNA to monitor cancer evolution;
  • to pursue the development of its IT platforms with the launch of OncoKDM, a SaaS (Software as a Service) platform linked to OncoSHARE;
  • to increase the size of OncoDNA’s patient database. This will be achieved through clinical studies and scientific collaborations with academia and pharmaceutical companies.

Click here to see the press release.

Source – OncoDNA

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