Variantyx Secures $20M in Funding for Whole Genome Sequencing Methodology, Advanced Testing Method that Diagnoses Genetic Disorders
Boston, MA – March 15, 2021 (BUSINESS WIRE) Variantyx, a leader in high complexity hereditary disease testing, today announced that they secured $20M in funding for their Whole Genome Sequencing (WGS)-based testing methodology, an advanced genetic testing method currently used to diagnose rare inherited and neurological disorders. The series C funding round was led by GHS Fund (Quark Venture LP and GF Securities) and includes new investor, IBM Ventures and current investors, Pitango Venture Capital, New Era Capital Partners, 20/20 HealthCare Partners. Zafrira Avnur, PhD, Quark Venture Chief Scientific Officer & Partner, will join the Variantyx board of directors.
WGS is a testing technique that identifies changes in genes that lead to illness. WGS examines the entire genome which provides physicians with insights into current and future medical puzzles related to genetics. One of the benefits of WGS is that by analyzing the entire genome, the “diagnostic odyssey” – time it takes for patients and physicians to arrive at a diagnosis – is reduced significantly, saving time and money and enabling treatment to be implemented faster. The development of comprehensive tumor diagnostic solutions and its expansion of sales will be fueled with this funding.
“The funding will make it possible for Variantyx to extend our technology to comprehensive tumor diagnostic solutions allowing for faster diagnosis and implementation of personalized treatment plans,” says Haim Neerman, CEO of Variantyx. “Reducing the time to diagnosis and providing patients with a truly personalized analysis of their unique cancer will provide a better outcome for patients, allowing them to begin the most appropriate cancer treatment sooner.”
“We are pleased to enable the expansion of the novel platform developed by Variantyx for genetic testing into the field of oncology,” says Karimah Es Sabar, CEO and Partner, Quark Venture. “There is a significant unmet medical need in tumor diagnostics that Variantyx will address, by providing a rapid personalized approach for each patient that will support medical professionals and greatly augment patients’ wellbeing.”
Physicians have been turning to WGS as a first line of testing to determine the root cause of genetic disease rather than sending patients to various doctors for exams and labs for multiple blood samples. Variantyx has been making breakthroughs in genetic testing and recently announced a WGS-based prenatal test for high risk-pregnancies when ultrasound anomalies have been found.
Variantyx is a CLIA/CAP laboratory providing Genomic Unity®, a whole genome sequencing (WGS)-based testing program for diagnosis of rare inherited disorders. Its single method approach to comprehensive genetic testing identifies multiple variant types within a single patient sample to provide a unified clinical report. For more information, please visit www.variantyx.com.