Molecular cytology diagnostics company Veracyte raised $28 million in a series B round of financing. The firm says the new investment represents a key milestone toward the expected launch of its first product for thyroid cancer diagnosis during 2010. The fundraising was led by Domain Associates, and Veractye’s founding investors also participated.
Veracyte’s thyroid product has been developed using whole-genome analysis tools. It is designed to classify indeterminate thyroid nodules accurately as either benign or suspicious for malignancy. The test is currently being validated through large-scale prospective trials across the U.S.
Veracyte’s lung cancer diagnostic program is at the early biomarker discovery stage. The firm says this pipeline project also hinges on the whole-genome approach to identify molecular profiles that can distinguish between benign and malignant disease.