PierianDx Closes up to $47.5 Million of Growth Capital
ST. LOUIS, MO – November 2, 2021—PierianDx, the global leader in clinical
genomics knowledge announced that it closed on $30 million of new growth capital
including equity financing and a term loan facility, which includes access to
additional tranches for up to $17.5 million by 2022 and 2023, subject to certain
conditions. The financing was led by healthcare investment firm OrbiMed with
existing investors Health Catalyst Capital, Research Triangle Institute, Inova Health
Systems, ATW Partners, and SJF Ventures also participating. The new capital will
drive commercial expansion in response to increased demand as more healthcare
organizations seek to provide high quality, affordable, faster care locally to their
patients by internalizing next-generation sequencing (NGS) testing capabilities.
PierianDx partners directly with providers, laboratories, and medical centers of
all sizes to build advanced NGS testing capabilities on site using its
assay-agnostic, advanced interpretation technology and enabling services.
Founded in 2014 as a technology transfer spinout from Washington University
in St. Louis, PierianDx has established partnerships with industry leaders and
medical facilities around the world as they build or expand upon their advanced
precision medicine programs using NGS technology.
“To manifest the full impact of genomics, we must routinely apply it in clinical
settings,” states Rakesh Nagarajan, Founder, President, and Chief Technical and
Visionary Officer of PierianDx.“ Our interpretation technology and services lead the
way by empowering medical facilities to understand a patient’s genetic variation,
identify the best treatment options, and deliver the most precise care.”
“We are thrilled to work with OrbiMed and our existing investors as they share our
vision for decentralized NGS testing that enables our laboratory and physician
customers to better serve patients,” states Mark McDonough, CEO of PierianDx. “This capital will allow us to continue building a world-class team and deliver transformative solutions to leading healthcare organizations everywhere so that they can bring genomics into their communities.”
PierianDx is a partner in precision medicine, enabling clinicians and medical
facilities to advance clinical genomics programs and modernize patient care. We
believe in the potential of genomics to transform human health, and are working to
ensure that communities anywhere can experience the benefits. With advanced
interpretation technology connected to the most comprehensive genomic
knowledge base, PierianDx empowers providers with genomic insights to fulfill the
promise of precision care.
OrbiMed is a leading healthcare investment firm, with over $18 billion in assets
under management. OrbiMed invests globally across the healthcare industry
through a range of private equity funds, public equity funds, and royalty/credit
funds. OrbiMed’s team of over 100 professionals is based in New York City, San
Francisco, Shanghai, Hong Kong, Mumbai, Herzliya and other key global markets.