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Local Tech Wire

DURHAM, N.C. – Diagnostic testing technology startup is celebrating the close of a venture capital round topping $10 million, three major investors and a partnership with LabCorp, one of the world’s largest life science testing companies.

LabCorp, which is based in Burlington, is also one of the three investors in CancerGuide.

Also participating are Triangle-based Intersouth Partners and Hatteras Venture Partners, which co-led the round.

CancerGuide is developing tests to help determine what would be the most effective treatments in cancer patients.

The company will work with LabCorp in developing what the firms call a “personal medicine partnership” through which they will license, develop and commercialize products and technology. Financial terms of the partnership weren’t disclosed.

The relationship reunites many familiar people. Two former LabCorp executives launched CancerGuide in 2006.

Also participating are Triangle-based Intersouth Partners and Hatteras Venture Partners, which co-led the round.

CancerGuide is developing tests to help determine what would be the most effective treatments in cancer patients and to do so quickly.

“CancerGuide’s high value testing services will provide anxiously-waiting oncologists, pathologists, and researchers with the information necessary to prescribe the right drug for the right patient – thereby saving lives while reducing the costs of care and drug development,” said Garheng Kong, a medical doctor and a general partner at Intersouth.

The company will work with LabCorp in developing what the firms call a “personal medicine partnership” through which they will license, develop and commercialize products and technology. Financial terms of the partnership weren’t disclosed.

CancerGuide’s technology is based on molecular oncology testing.

“Through our unique partnership model, CancerGuide will provide companion diagnostic development services to pharmaceutical and biotechnology companies to maximize the efficiency and effectiveness of the market entry strategies,” said Myla Lai-Goldman, a medical doctor and the firm’s chief executive officer. CancerGuide is committed to helping bring these life-saving, personalized medicine products and services to market.”

Clay Thorp of Hatteras noted that CancerGuide already has a “formidable strategic partner” in LabCorp.

“The company’s team and partnership model create a great investment proposition by enabling us to bring compelling cancer treatment tests and services to market more rapidly than we could otherwise,” he added.

Lai-Goldman and Bill Haas co-founded CancerGuide. Hass is president and chief operating officer of the startup.

At LabCorp, Lai-Goldman was chief science officer and chief medical officer before retring. She is a pathologist who has helped commercialize technology for genotyping diagnostics.

Haas was a business development and sales and marketing executive at LabCorp.