NantWorks has invested $30 million in Strand Diagnostics, an Indianapolis developer of a testing service for diagnosing cancer.
The West Los Angeles business investment and development firm founded by biotech billionaire Dr. Patrick Soon-Shiong said on Wednesday that the money will be invested over the next three years. Strand plans to use the money to expand.
Strand’s “Know Error” system is designed to improve patient safety and accuracy in the testing process. It employs bar coding, forensic principles and DNA matching to ensure that surgical biopsy samples belong exclusively to the patient being diagnosed. It now is used most often for biopsies of breast and prostate tissue.
“The Know Error founding team has laid the groundwork for an innovative system that improves patient safety and diagnostic accuracy,” said Soon-Shiong, NantWorks’ chief executive, in a statement. “Their products fit directly into our vision of quantitative medicine and next-generation personalized medicine.”