Canexia Health has raised a new financing round from PacBridge Capital Partners to support the company’s long-term global growth and accelerate its roadmap to make cancer testing for treatment selection and monitoring accessible to all cancer patients. The amount of the funding round was not disclosed.
Formerly known as Contextual Genomics, Canexia makes high-quality cancer genomic information accessible and affordable with clinically-validated assays, informatics, and support.
The investment signals Canexia Health’s record-breaking growth in 2020 to date, with new customer collaborations and studies, product enhancements, and reimbursement progress.
In the first half of 2020, Canexia has increased commercial partner agreements by 65%. One new collaborator is Genolife, a private clinic that provides access to personalized genetic tests and genetic counselling services. Genolife will offer Canexia Health’s circulating tumor DNA (ctDNA) assay, Follow It, in Quebec.
“This has been a year of incredible growth for Canexia Health. Since the beginning of 2020, we have welcomed new customers and collaborators, and we are well on the path to democratize how oncologists gain information about cancer treatment selection and monitoring,” said Michael Ball, CEO of Canexia Health.
“Further, we have built a clinically focused molecular test specifically for those who want to bring this technology in-house. The faster you can get an individual on targeted therapy, the better their outcomes are likely to be. Building in-house capabilities and thus making cancer testing more accessible, that’s really the focus for our company moving forward.”
Canexia has also increased its full-time workforce by 35% since March 2020 with the addition of new hires in the laboratory, as well as in computational science, software, business development, and marketing.