Paradigm Diagnostics Inc. raised $8.9 million in venture capital to market its genetic profiling test aimed at personalized medicine. The round was led by San Diego-based Mesa Verde Venture Partners, along with New York-based Science Ventures LLC. Both have invested in Paradigm in the past. The investment brings the total amount raised by the company to $19.8 million since the bioscience firm’s first $3.5 million raise in December 2016. Read the latest filing here.
“We’ve been growing,” said David Mallery, the company’s president and CEO. “We are approaching break even this year.”
With its headquarters on the Biomedical Campus in downtown Phoenix, Paradigm has focused on growing its core product, a genetic profiling test called Paradigm Cancer Diagnostic Test, or PCDx. The test can provide comprehensive genetic results within four to five business days, often on specimens with a very limited amount of tumor, Mallery said.
The test is designed to help doctors determine the best treatment for patients based on the genetic makeup of a particular cancer tumor. Most of the company’s customers are oncologists, but it also sells to academic medical centers.
The test is covered by most insurance companies. Even Arizona’s Medicaid program, the Arizona Health Care Cost Containment System, began covering the test last year.