Functional precision oncology leader Kiyatec announces Series C round with US$18 million closing to accelerate adoption of transformational cancer platform

Rhea-AI Summary

Kiyatec Inc. has successfully closed its Series C funding round, raising US$18 million led by new investor Bruker (BRKR) and supported by LabCorp (LH) and others. The funds will enhance the adoption of Kiyatec's clinical testing and preclinical pharma services, vital for improving cancer treatment outcomes. Kiyatec's 3D-Predict™ Glioma test has shown significant clinical correlations, allowing better therapy selection for glioblastoma patients. The company aims to grow its revenue through innovative testing and drug development partnerships.

Positive

• Secured US$18 million in Series C funding, enhancing operational capacity.
• Led by Bruker (BRKR), indicating strong investor confidence.
• Demonstrated 7-10 day turnaround for test results, improving clinical response time.
• Clinical data shows patients identified as responders lived six months longer than non-responders.
• Strategic partnership with NICO Corporation to improve tissue quality for better predictions.

Negative

• None.

Company is positioned to scale predictive platform’s impact in cancer patient therapy selection and preclinical pharma services

GREENVILLE S.C.--(BUSINESS WIRE)-- Kiyatec Inc. announced today a closing of its Series C funding round totaling US$18 million from new and existing investors. New investor Bruker (Nasdaq: BRKR) led the financing and was joined by existing investors Seae Ventures, VentureSouth, and LabCorp (NYSE: LH). Use of funds will focus on accelerating adoption of the company’s commercially available clinical testing and preclinical pharma services, which add value across the life cycle of successful cancer drugs.

Kiyatec is an established leader in functional precision oncology, in which clinically relevant laboratory models measure the response of living cells to cancer drugs. In this emerging field, the gold standard for performance is direct correlation between measured response in the lab and real world, patient-matched clinical outcomes. "Transforming therapy selection for cancer patients – which functional precision oncology is positioned to deliver – relies on meaningfully connecting cell death in the lab to matched cells also dying in the patient’s body, i.e., to clinical response,” said Kiyatec CEO Matt Gevaert, PhD. “This unlocks the potential to significantly improve cancer outcomes, a mission we’re proud to be advancing.” With respect to published, peer-reviewed data demonstrating such clinical correlation in solid tumors, Kiyatec’s platform has industry leading performance and a clinically attractive 7-10 day turnaround.

Kiyatec’s analytically validated 3D-Predict™ Glioma test informs therapy selection in the clinic for glioblastoma (GBM) and other high grade glioma patients and is commercially available (US*). In May 2021 the company published clinical data demonstrating the test’s accurate and statistically significant prediction of high-grade glioma patients’ individual responses to cancer drugs; notably, to drugs they had not yet been treated with. In this cancer indication, known for its low survival, newly diagnosed patients under study lived six months longer when identified by 3D-Predict™ Glioma as responders to standard of care drug therapy as compared to those identified as non-responders. Earlier this year at annual meetings of the American Society for Clinical Oncology (ASCO, June) and the Society for Neuro-Oncology (SNO, November), Kiyatec expanded its clinical evidence of continuing excellent test performance. In October, the company also announced a unique strategic partnership with NICO Corporation, a neurosurgical medical device innovator, to facilitate improved tissue quality as a success factor in prediction of tumor response to cancer chemotherapies and targeted agents.

As a complement to its clinical testing, Kiyatec’s preclinical 3D cell culture services augment pharma clients’ drug development by providing clinically relevant assessment of primary human drug response prior to clinical studies. With demonstrated strong clinical correlation, Kiyatec’s platform addresses significant limitations of historic preclinical testing approaches that have lower correlation to patient outcomes. The advantages of its clinically correlated platform, and its applicability to complex immune oncology therapies, are drivers of Kiyatec’s growing revenue in preclinical services. Accommodating this growth is well timed with respect to the company’s recently expanded laboratory and office space as the anchor tenant of Main Street Labs in vibrant downtown Greenville, SC.

About Kiyatec:

Kiyatec is a functional precision oncology company that measures the response of each patient’s live cancer cells to inform oncologists’ treatment selection decisions. The company’s Clinical Services offers clinical testing for high-grade glioma, and is developing assays for use in ovarian, breast, non-small cell lung cancers, and rare tumors in its CLIA certified lab. The company’s Drug Development Services works in partnership with leading biopharmaceutical companies to unlock response dynamics for their pre-clinical investigational drug candidates across the majority of solid tumor types. For more information, visit www.kiyatec.com and connect with us on LinkedIn and Twitter.

*3D Predict™ Glioma is not commercially available in CA, NY or RI at this time

View source version on businesswire.com: https://www.businesswire.com/news/home/20221212005115/en/

Matt Gevaert, PhD

Chief Executive Officer

864-502-2013

Source: Kiyatec Inc.

FAQ

What is the recent funding amount raised by Kiyatec Inc. in its Series C round?

Kiyatec Inc. raised US$18 million in its Series C funding round.

Who led the Series C funding round for Kiyatec Inc.?

The Series C funding round for Kiyatec was led by Bruker (BRKR).

What is the significance of Kiyatec's 3D-Predict™ Glioma test?

The 3D-Predict™ Glioma test helps in therapy selection for glioblastoma patients, showing significant clinical correlations.

How do Kiyatec's services benefit pharmaceutical companies?

Kiyatec's preclinical services provide clinically relevant assessments of primary human drug response, improving drug development.

What is the turnaround time for Kiyatec's clinical tests?

Kiyatec's clinical tests have a turnaround time of 7-10 days.