PetDx raises $62 Million in Series B financing

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.

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/