Cynvenio Biosystems Inc. has secured $25.5 million in Series B financing to commercialize its LiquidBiopsy technology.
The Calabasas company’s system isolates rare tumor cells floating in the blood of cancer patients. Doctors can analyze the cells and avoid surgery to obtain a piece of the tumor through a conventional biopsy. The company has a deal with Thermo Fisher Scientific in San Diego to market the technology, and started shipping LiquidBiopsy machines earlier this year.
The Series B financing was led by Livzon Pharmaceutical Group Inc. in Zhuhai, China. Other investors included Greenwoods Private Equity Funds in Shanghai and Syno Capital in New York.
“This investment will allow us to expand our LiquidBiopsy clinical programs and establish an effective commercial and customer support infrastructure,” André de Fusco, Cynvenio’s chief executive, said in a statement. “We are concurrently establishing a China-based joint venture with an additional $10 million in funding for a total of $35.5 million committed capital for this phase of our development. This gives Cynvenio a firm foothold in the world’s largest market.”
The company announced the deal late Wednesday.