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Saga Diagnostics Raises $4.2M

NEW YORK (GenomeWeb) — Swedish liquid biopsy firm Saga Diagnostics said today that it has raised SEK 40 million ($4.2 million) in venture financing.

Hadean Ventures led the round with participation from existing investors including Fårö Capital and the Gunnar Nilsson Cancer Foundation.

Saga develops tests and services, based on massively parallel sequencing and digital PCR, that quantify aberrations in DNA, RNA, and circulating tumor DNA to detect cancer, measure treatment responses and guide clinical decisions, and identify cancer drug targets. The company, which was spun out of Lund University, said it has signed a number of commercial agreements with undisclosed pharmaceutical firms and biomedical labs.

Saga said it will use the funding to accelerate the commercialization of its kits and services, develop new products, and perform prospective clinical studies. It said it is also working toward lab ISO accreditation and CE-IVD marking for its kits.