Life sciences company Naveris has expanded its Series A financing to $33.4m, bringing its total investment to $51m, for advancing the commercialisation of its NavDx blood test.
Led by Gurnet Point Capital, the financing round also included the impact and venture capital arm of the American Cancer Society, as well as BrightEdge and TechU Ventures.
NavDx has been designed to detect cancers that are caused by the human papillomavirus (HPV) in the early stages.
It is claimed to be the first and only clinically validated circulating tumour-tissue-modified HPV (TTMV) DNA blood test.
The blood test uses proprietary technology to quantify fragments of circulating TTMV HPV DNA, which is a unique HPV-driven cancer biomarker shed by cancer cells into the blood.
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It reliably discovers the HPV+ head and neck cancer presence across the care continuum.
The NavDx test reports are easy-to-interpret and help physicians make clinical decisions for the treatment of cancer in the early stages, which could lead to improved outcomes.
Naveris founder and CEO Piyush Gupta said: “We founded Naveris on the belief that advances in molecular diagnostics will play a vital role in improving cancer outcomes.
“This new investment underscores NavDx’s commercial success and potential, and our experienced team’s ability to transform this vision into a reality for patients and oncologists.”
Additionally, the company will use the financing round proceeds to generate the required clinical data for expanding into other cancer types and indications.
More than 25 medical institutions have collaborated with Naveris and used its technology to conduct clinical studies.
Furthermore, Naveris has teamed up with biotechnology companies that are developing immunotherapies for the treatment of HPV-related cancers.