DiaCarta, Inc Closes $8 Million Series A Round for Development and Commercialization of Precision Molecular Diagnostics
DiaCarta, Inc is a privately-held biotechnology company raised $8 million in Series A financing from BVCF (BioVeda China Fund). Proceeds from Series A financing will be used to expand the product portfolio and support global commercialization. Dr. Weixin Xu of BVCF will join DiaCarta board of directors.
DiaCarta has CE/IVD assays for highly sensitive mutation detection in EGFR, KRAS, NRAS, BRAF, PIK3CA and JAK-2. QClamp™ mutation detection assays utilize a novel xeno-nucleic acid (XNA) clamping technology to suppress amplification of wild-type DNA allowing selective amplification of mutant DNAs in real-time PCR. Mutant DNAs present at less than 0.1% can be detected. The sensitivity and specificity of QClamp™ make it superior to NGS and ddPCR.
DiaCarta’s QuantiVirus® HPV E6/E7 mRNA tests detect HPV E6/E7 mRNA in cervical and oral cancer. Assays are based on branched DNA signal amplification technology, performed without RNA purification or RT-PCR and do not require a clean room environment. Assays are CFDA (Chinese FDA) and CE/IVD cleared.
“We look forward to supporting the parallel development of precision molecular diagnostic tests in the US and China. These novel technologies offer an attractive option to address the growing needs of personalized medicine and companion diagnostics.” said Zhi Yang, general partner at BVCF.
“We seek to be at the forefront in the development of non-invasive tests for detection and monitoring of tumor mutations in human body fluids. We look forward to expanding our product offerings and seeking regulatory approvals in the EU, China and eventually the US.” said Aiguo Zhang, Ph.D., President & CEO of DiaCarta, Inc.
About BVCF
BVCF (http://bvcf.com/, formally known as BioVeda China Fund) is a growth capital focused private equity fund specializing in China Life Sciences and Healthcare industry. Headquartered in Shanghai, BVCF primarily focuses on equity investments in growth-stage companies in the field of Pharmaceuticals, Biotechnology, Traditional Chinese Medicine, Medical Devices, Healthcare Services, Industrial and Environmental Biotechnology.
About DiaCarta, Inc.
DiaCarta is a leading Translational Genomics and Molecular Diagnostics company located in the San Francisco Bay area, pioneering novel molecular diagnostics technologies.
DiaCarta Receives Accreditation by the College of American Pathologists (CAP)
DiaCarta, Ltd. (“DiaCarta”), a novel molecular diagnostic test developer for cancer and infectious diseases, today announced that it has received accreditation by the College of American Pathologists (CAP) for its CLIA certified lab. This accreditation is awarded to facilities that meet the high standards of quality, accuracy, and consistency in laboratory services required by CAP and underscores DiaCarta’s leadership and commitment to excellence.
DiaCarta Announces Five Abstracts Accepted for Presentation at AACR Annual Meeting 2023
DiaCarta, Ltd. (“DiaCarta”), a precision molecular diagnostics company, today announced that it will present five data posters at the American Association of Cancer Research (AACR) Annual Meeting 2023, which convenes in Orlando, Florida from April 14-19, 2023.
DiaCarta Receives U.S. FDA Emergency Use Authorization for its Monkeypox Test Kit
DiaCarta, Ltd. (“DiaCarta”), a precision molecular diagnostics company, today announced that the U.S. Food and Drug Administration (FDA) granted Emergency Use Authorization (EUA) for its QuantiVirus™ MPXV test, which is a PCR test for the qualitative detection of DNA from monkeypox virus (MPXV) in lesion swabs collected from individuals suspected of monkeypox infection.
DiaCarta Announces Successful Completion of Oncuria® Validation Study with Nonagen Bioscience
DiaCarta, Ltd. (“DiaCarta”), a precision molecular diagnostics company, and Nonagen Bioscience Corporation (“Nonagen”), a cancer diagnostics company, today announced the successful completion of the validation study of Oncuria® multiplex bladder cancer immunoassay as a laboratory developed test (“LDT”). DiaCarta also announced that it has begun receiving patient urine samples for testing in its CLIA certified lab in Pleasanton, California.
DiaCarta to Become a Publicly Listed Company Through Merger with HH&L Acquisition Co.
DiaCarta, Ltd., a precision molecular diagnostics company and developer of novel oncology and infectious disease tests, and HH&L Acquisition Co. (NYSE: HHLA.U, HHLA, HHLA WS) (“HH&L”), a publicly traded special purpose acquisition company (“SPAC”), today announced that they entered into a definitive business combination agreement (the “Business Combination Agreement”) that is expected to result in DiaCarta becoming a publicly listed company (the “Transaction” or “Business Combination”). The Transaction is expected to provide DiaCarta with access to the approximately $414 million cash from HH&L’s IPO proceeds held in trust, assuming no redemptions by HH&L’s shareholders and prior to the payment of transaction expenses, and potential additional financing to catalyze DiaCarta’s growth. The Transaction implies a pre-money equity value of $460 million for DiaCarta on a fully diluted basis and is expected to close in the first quarter of 2023. The Transaction positions DiaCarta to capitalize on significant future growth within existing and new markets.