HONG KONG & VANCOUVER, Canada--(BUSINESS WIRE)--PacBridge Capital Partners (HK) Limited, a Hong Kong based investment firm, has committed to a C$12,000,000 facility to fund Contextual Genomics Inc., a leading Canadian cancer genomics company headquartered in Vancouver, Canada.
Contextual Genomics has developed FIND ITTM, a proprietary molecular hotspot assay that screens for more than 140 somatic genome alterations found in solid tumour cancers to identify optimal therapeutic treatments and recognize acquired drug resistant mutations, making it possible for doctors to customize therapies with greater precision for cancer patients. The FIND ITTM assay, supported by Contextual Genomics’ innovative, cloud-based analysis engine, also helps to determine prognostic and diagnostic implications for patient care. Contextual Genomics has partnered with Sonic Healthcare in Australia and Idengene Medicina Diagnóstica SA in Brazil for distribution of FIND ITTM to cancer patients in their respective jurisdictions.
The investment by PacBridge will be used by Contextual Genomics to continue to expand global distribution of FIND ITTM, as well as to fund the development of the company’s proprietary FOLLOW ITTM mutation detection assay for cell-free circulating tumour DNA (ctDNA) in plasma. FOLLOW ITTM will be deployed for patients with widespread metastatic disease at diagnosis and for use as a time series monitoring tool to read out tumour burden and treatment resistance. FOLLOW ITTM will screen for all of the same somatic genome alterations as FIND ITTM and can be used to follow disease progression for patients, including those whose tumours were initially tested with FIND ITTM.
Chris Wagner, Contextual Genomics’ Executive Chairman, said “We are very excited to partner with PacBridge Capital Partners. Their support of the company at this time of growth and expansion is an important validation of the quality of our team and the importance of the products we are developing, including FIND ITTM and FOLLOW ITTM.”
Sheldon Trainor, founder of PacBridge, stated “Contextual Genomics has a world class leadership team who have developed a platform that makes the benefits of computational cancer genomics available to the mass market. Their products and research have the potential to significantly improve the efficacy of cancer treatment for many patients around the world. PacBridge is very excited to partner with and support Contextual as they take their business to the next stage of product development and global distribution.”
In connection with the investment, Sue Paish, former President and CEO of LifeLabs Medical Laboratory Services, who is a well-respected leader in the Canadian life sciences industry, and James Lumsdaine of PacBridge will join the Contextual Genomics’ Board of Directors.
About FIND ITTM:
The FIND ITTM cancer panel is a multiplex, next- generation sequencing genomic assay designed for rapid deployment into labs around the world. FIND ITTM evaluates the mutation status of tumour DNA at 140 well-characterized positions, identifying the somatic mutations that have the greatest potential to impact treatment decisions. QUALITY NEXUSTM is a quality control system embedded into all FIND ITTM assays and into Contextual Genomics’ cloud-based analysis engine. FIND IT™ physician reports provide clear information on test interpretation and linkages to current therapeutic options.
About Contextual Genomics (www.contextualgenomics.com):
Contextual Genomics has developed cost-effective and clinically actionable molecular tests that guide diagnosis and treatment of cancer. These customized tests are offered by our partner laboratories around the world with Contextual conducting cloud-based bioinformatics services via a SaaS model. The collection of data via this robust network of partners and the use of machine-learning tools allows Contextual Genomics to improve patient care through improved clinical trial enrollment and new treatment algorithms. Contextual Genomics is founded and managed by global leaders in cancer medicine and bioinformatics, who have unparalleled expertise in cancer genomics and the clonal evolution of cancer.
About PacBridge Capital Partners (HK) Limited:
PacBridge Capital Partners (HK) Limited is a Hong Kong based investment firm. Founded in 2009, the firm is focused on investments in growth stage companies operating in the gaming, entertainment, online, biotechnology and environmental technology sectors. PacBridge works with its partners to add value to a business by investing capital and contributing skills and experience to maximize the performance of the business. A number of its portfolio companies are now listed on the Stock Exchange of Hong Kong and Nasdaq.
This release contains forward-looking statements that are not based on historical fact. These forward-looking statements involve risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements.
