• Hero Banner
  • ACVCACVC
  • DVM 360
  • Fetch DVM 360Fetch DVM 360
DVM 360
dvm360 | Veterinary News, Veterinarian Insights, Medicine, Pet Care
dvm360 | Veterinary News, Veterinarian Insights, Medicine, Pet Care
By Role
AssociatesOwnersPractice ManagerStudentsTechnicians
Subscriptions
dvm360 Newsletterdvm360 Magazine
News
All News
Association
Breaking News
Education
Equine
FDA
Law & Ethics
Market Trends
Medical
Products
Recalls
Regulatory
Digital Media
dvm360 LIVE!™
Expert Interviews
The Vet Blast Podcast
Medical World News
Pet Connections
The Dilemma Live
Vet Perspectives™
Weekly Newscast
dvm360 Insights™
Publications
All Publications
dvm360
Firstline
Supplements
Top Recommended Veterinary Products
Vetted
Clinical
All Clinical
Anesthesia
Animal Welfare
Behavior
Cardiology
CBD in Pets
Dentistry
Dermatology
Diabetes
Emergency & Critical Care
Endocrinology
Equine Medicine
Exotic Animal Medicine
Feline Medicine
Gastroenterology
Imaging
Infectious Diseases
Integrative Medicine
Nutrition
Oncology
Ophthalmology
Orthopedics
Pain Management
Parasitology
Pharmacy
Surgery
Toxicology
Urology & Nephrology
Virtual Care
Business
All Business
Business & Personal Finance
Buying or Selling a Practice
Hospital Design
Leadership & Personal Growth
Personnel Management
Practice Finances
Practice Operations
Technology
Wellbeing & Lifestyle
Continuing Education
Conferences
Live Conferences
Conference News
Conference Proceedings
Resources
CBD in Pets
Contests
Veterinary Heroes
Partners
Spotlight Series
Team Meeting in a Box
Toolkit
Top Recommended Veterinary Products
Vet to Vet
  • Contact Us
  • Fetch DVM360 Conference
  • Terms and Conditions
  • Privacy
  • Do Not Sell My Information
  • About Us

© 2023 MJH Life Sciences and dvm360 | Veterinary News, Veterinarian Insights, Medicine, Pet Care. All rights reserved.

Advertisement
By Role
  • Associates
  • Owners
  • Practice Manager
  • Students
  • Technicians
Subscriptions
  • dvm360 Newsletter
  • dvm360 Magazine
  • Contact Us
  • Fetch DVM360 Conference
  • Terms and Conditions
  • Privacy
  • Do Not Sell My Information
  • About Us
  • MJHLS Brand Logo

© 2023 MJH Life Sciences™ and dvm360 | Veterinary News, Veterinarian Insights, Medicine, Pet Care. All rights reserved.

PetDx raises $62 Million in Series B financing

December 9, 2021
dvm360 Staff

The funding will be used to increase the adoption of the company's first-in-class multi-cancer early detection test, OncoK9.

PetDx has completed its Series B financing with over $62 million in new capital raised—among the largest of a Series B rounds for a pet startup—thus bringing the company's total funding to $72 million.

According to a company release,1 the financing was led by Longview Asset Management with participation by Declaration Partners, Torch Capital, Aperture Venture Partners, Valor Equity Partners, Friedman Bioventure, K4 Family Investments, and Labcorp. In August 2020, the company's $10 million Series A financing was led by Friedman Bioventure with participation from Petco along with an undisclosed leading pet healthcare company.

Though 6 million new canines are diagnosed with cancer each year in the US2 and it’s the leading cause of death in this population, there are no existing cancer screening programs for dogs. PetDx recently released its breakthrough multi-cancer early detection test, OncoK9—the first-ever liquid biopsy test for detection of cancer-associated genomic alterations in dogs.1 It is also a suggested annual screening test for high-risk dogs (eg, old age, predisposed breeds) and an aid-in-diagnosis test for dogs suspected of having cancer.

In addition, this funding will be used to expand the implementation of OncoK9 directly through PetDx's own commercial platform and through strategic distribution partnerships and to increase testing throughout the company's central laboratory in San Diego. What's more, it will allow PetDx to advance its R&D roadmap and deliver sooner on its full scientific vision for the detection, characterization, and management of veterinary cancer.1

"Over the past 2 years, PetDx has made efforts unprecedented in veterinary cancer diagnostics to develop and validate the world's first cell-free DNA (cfDNA) based noninvasive test for canine cancer detection, to address a massive unmet need in the veterinary space," said Daniel Grosu, MD, MBA, Founder and CEO at PetDx.

"We know from decades of experience with cancer in humans that early detection saves lives, and the PetDx team is thrilled to bring the latest advances in liquid biopsy technology from human medicine to the animal health arena,” he added.

Advertisement

Since the Seed stage, PetDx's financing strategy has focused on developing a community that reflects the company's mission, with many value-add investors (ie, 50+ senior executives in the genomics and animal health industries and 25+ leading veterinarians) having made personal investments.

"We are very fortunate to have a wide-reaching family of investors who support our goal of building PetDx into the world's leading veterinary cancer diagnostics company," said Arthur Polk, co-founder, chief financial officer, and head of corporate development at PetDx.

"The Series B raise provides PetDx with the resources to embark on large-scale commercialization of our pioneering solutions, and to advance a rich R&D pipeline in one of the last major greenfield spaces for genomic medicine."

Additionally, OncoK9 is currently available at many veterinary clinics nationwide. PetDx is actively developing commercial relationships with clinics and distributors, plus R&D relationships with veterinary and human pharmaceutical companies internationally.

Reference

  1. PetDx raises $62 million in Series B financing to scale adoption of its canine multi-cancer early detection blood test, OncoK9. News release. PetDx. December 9, 2021. Accessed December 9, 2021. https://www.prnewswire.com/news-releases/petdx-raises-62-million-in-series-b-financing-to-scale-adoption-of-its-canine-multi-cancer-early-detection-blood-test-oncok9-301440845.html
  2. Is my dog at risk for cancer? American Animal Hospital Association. Accessed December 9, 2021. https://www.aaha.org/your-pet/pet-owner-education/ask-aaha/canine-cancer/

Related Content:

OncologyRolesAssociates
Pride, representation, and inclusion in vet med
Pride, representation, and inclusion in vet med
Morris Animal Foundation accepting canine cancer research proposals
Morris Animal Foundation accepting canine cancer research proposals
Saving sea turtles helps rescue see data insights
Saving sea turtles helps rescue see data insights

Advertisement

Latest News

Research reveals efficacy of non-surgical contraceptive alternative for cats

Potential blood transfusion may offer lion chance of survival

Keeping pets safe from wildfire smoke

New report links pet ownership with human health care savings

View More Latest News
Advertisement