TwinStrand Raises $50 Million to Grow Market for Duplex Sequencing Technology
May 6, 2021
TwinStrand Biosciences, the developer an ultra-high accuracy technology for revealing exceptionally low-frequency genetic variants, said it has closed a $50 million series B financing.
Section 32 led the financing, which included participation from new investors Soleus Capital, Janus Henderson Investors, and existing investors Madrona Venture Group, Ridgeback Capital, and Alexandria Venture Investments, among others. As part of the financing, Michael Pellini, partner at Section 32, will join the TwinStrand board.
“TwinStrand’s technology platform is delivering a new level of sensitivity, clarity, and accuracy to the exploration of genomic variation,” said Pellini. “By overcoming the inherent limitations of today’s next generation sequencing technologies, TwinStrand is creating new possibilities for transforming scientific discoveries and related clinical applications, ultimately delivering improved patient outcomes.”
TwinStrand said its biochemistry and software-based solution enables researchers and clinicians to detect genetic “needles in a haystack.” By identifying ultra-low frequency DNA mutations with a resolution 10,000-fold greater than conventional tools on the market, TwinStrand enables detection, quantification, and characterization of variants that were previously undetectable. Such sensitivity and accuracy are vital for a range of applications, including early cancer detection, identifying residual cancer after treatment, monitoring for cancer recurrence, tracking of advanced cellular immunotherapies and uses in genetic toxicology, including CRISPR and other forms of gene editing and gene therapy.
“This financing is a rewarding milestone in our growth as a company and a true testament to our team’s perseverance in a challenging year,” said Jesse Salk, chief scientific officer and co-founder of TwinStrand Biosciences. “In addition to the commercial launch of our first products, and the build out of our clinical lab, 2020 marked an important milestone in the validation of our expanding intellectual property portfolio as we closed a major deal in liquid biopsy to kick off our out-licensing program.”
Author: Rare Daily Staff
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