On June 2, the company announced it had completed a $43 million first close of its Series F financing round, led by Arsenal Capital Partners with support from existing investors Blue Ox Healthcare Partners, Deerfield Management and Labcorp.
This latest funding round brings Epic’s total capital raises to $185 million to date.
Breast Cancer Test
In May, Epic added to its CLIA Library DefineMBC – the company’s novel blood-based test for metastatic breast cancer.
“The test is intended to be used when tissue biopsy is inaccessible or infeasible,” Sanders said. “The test can provide insight on how a patient’s metastatic breast cancer is evolving and becoming more heterogeneous over time and what options such as HER2 targeted therapies, antibody drug conjugates, immunotherapies, or others may be the next best treatment or clinical trial for a patient.”
DefineMBC has been reporting patient results since April and has shown sensitivity, specificity, accuracy and precision in detecting the presence of cancer. Epic Sciences has partnered with over 20 US-based medical oncologists to further refine reporting of test results, as well as case study reviews to finalize formatting and communication of findings. The company is also collaborating with eight academic institutions and the top trial co-operative groups as well as drug development companies to generate data in the context of current of future clinical scenarios.
“With growing demand for liquid biopsy solutions from medical oncologists, researchers, drug developers and patients, Epic will use the new capital to accelerate the commercial launch of DefineMBC and continue to drive comprehensive liquid biopsy into key development trials,” Sanders said. “The company is also recruiting top talent to scale technical operations and scientific support functions.”
The funding round is also bringing in notable expertise to the company’s board of directors. James Rothman Ph.D. is the chair of Arsenal’s Healthcare Advisory Board and a renowned cell biologist and Nobel Laureate who was formerly chief scientist of GE Healthcare. And Richard Eglen, Ph.D. a senior advisor of Arsenal who brings decades of industry leadership experience with companies such as PerkinElmer, Roche Bioscience and Corning Inc.
“What is most exciting about Epic’s approach is the ability to derive valuable insights from data at the cellular and subcellular level for both drug developers and clinicians in oncology,” said Dr. Rothman, who also serves as the Sterling Professor and chair of the Department of Cell Biology at Yale University School of Medicine.
In addition to DefineMBC, Epic also offers a CLIA laboratory test for the3 detection of prostate cancer, AR-V7, which is marketed by Exact Sciences as Oncotype DX AR-V7 Nucleus Detect.
The company is also currently developing a portfolio of over 35 research assays and plans to offer its PSMA liquid biopsy assay as well as other capabilities for prostate cancer patient testing from its CLIA laboratory in 2023.