Tuesday, February 7, 2012

Cynvenio Biosystems Raises $2.0M, Gets NCI Contracts

Westlake Village-based Cynvenio Biosystems, which is developing molecular diagnostics systems for cancer, announced this morning that it has received $2.0M in financing, plus scored two Small Business Innovative Research (SBIR) contracts from the National Cancer Institute (NCI). The funding came from the company's existing investors. The company said it has so far received $1.2M of the funding, as part of the fully committed $2.0M financing round. The two SBIR contracts are around developing lung cancer tests based on isolating mutation-bearing Circulating Tumor Cells (CTCs) from whole blood. The two different contracts cover detecting CTCs in a blood test via a diagnostic device, and development of a test to measure resistance to drugs in lung cancer patients. More information »