San Diego-based AltheaDx, a precision medicine company developing diagnostic tests that enable doctors to identify a patient’s optimal course of treatment, has raised $30 million in a Series C financing, according to a statement from the company.
WuXi Healthcare Ventures led the deal, which was joined by WuXi PharmaTech, Ally Bridge Group, and ALMA Life Sciences.
AltheaDx said the funding would be used to advance its IDgenetix testing portfolio, expand its commercial business, enhance products, and to invest in long-term growth. IDgenetix helps doctors to make personalized therapeutic decisions for patients with cardiovascular disease, neuropsychiatric disorders, pain, and other prevalent clinical conditions.
“This investment allows the company to position IDgenetix as a leading clinically relevant tool in therapeutic decision-making,” said AltheaDx CEO Greg Hamilton, according to the statement.
Althea Technologies, a San Diego biopharmaceutical manufacturer, spun out AltheaDx in 2008 to identify biomarkers and to advance related genetic testing technologies for use in companion diagnostics. Japan’s Ajinomoto acquired Althea Technologies in 2013 for about $175 million.
Althea Technologies co-founders Francois Ferré and Magda Marquet also co-founded and are co-CEOs of San Diego’s ALMA Life Sciences, an early stage investment firm specializing in healthcare.
Ferré is a co-chairman of AltheaDx, and Marquet is a board member.