A small Durham company developing tests for personalized cancer therapy has raised $10.5 million in financing.

CancerGuide Diagnostics was founded in 2006 and is run by CEO Myla Lai-Goldman, the former chief medical officer at Burlington-based medical testing giant LabCorp.

LabCorp contributed to CancerGuide's financing, along with local venture capital firms Hatteras Venture Partners and Intersouth Partners.

LabCorp also agreed to work with CancerGuide on developing and commercializing new cancer tests that will help doctors determine early on what treatments will have the best results for particular patients.

"There is a tremendous need for diagnostic tools to optimize the management of the disease and take full advantage of available therapeutic options,” Lai-Goldman said in a prepared statement.