ProteoMediX Raises CHF 3.2 million in Series B Financing09.04.2014 13:30
ProteoMediX AG, a diagnostic company developing non-invasive diagnostic tests for the accurate detection, prognosis and therapy-selection of cancer, has announced the successful closing of a Series B equity financing round. The Company raised CHF 3.2 million (€ 2.6 million) from existing and new investors.
The round was led by Altos Venture (Allschwil, Switzerland), a Swiss venture capital firm chaired by Dr. Walter Fischli (co-founder of Actelion), that is investing in carefully selected hightech start-ups. All existing investors also participated in this round, including Zürcher Kantonalbank and several private investors experienced in life science investments.
The new funds will enable ProteoMediX to continue the development of its lead product for the early diagnosis of prostate cancer. The test is intended as an aid in the detection of prostate cancer, i.e. to inform men with elevated PSA (prostate specific antigen) and or suspicious DRE (digital rectal examination), about the likelihood of having a positive biopsy. The goal is to significantly reduce unnecessary prostate biopsies (today, 3 out of 4 biopsies are negative).
ProteoMediX achieved significant milestones in the past two years. The test format was changed from mass spectrometry to immunoassay in order to be compatible with today’s standard technology platform in diagnostic laboratories. In a recent pilot study, the successful platform change was confirmed and the promising results showed that ProteoMediX’ test has the potential to reduce significantly more than 50% of negative prostate biopsies.
Dr. Ralph Schiess, CEO and co-founder commented: “We are delighted to have received this strong support from investors. The funds will enable us to further advance our test for the reduction of unnecessary biopsies by gathering additional data from clinical studies”. “We are pleased that we attracted new investors and that all existing investors participated in this financing round. This is a strong validation of our company and recognizes the progress we made”, said Christian Brühlmann, CFO and co-founder of ProteoMediX.