Precision Therapeutics has secured $43 million in additional funding to expand the development and commercialization of ChemoFx(R). ChemoFx is a diagnostic test that helps physicians select the most effective chemotherapeutic regimen for cancer patients. New investor, Longitude Venture Partners, L.P., led the round and was joined by existing investors Adams Capital Management, Quaker BioVentures, Birchmere Ventures, Techno Venture Management, and Draper Triangle Ventures.
The ChemoFx Drug Response Marker is a laboratory test that determines how an individual patient’s cancer cells will respond to different chemotherapy agents prior to initiating chemotherapy. Using ChemoFx to help select treatment can lead to better clinical outcomes while reducing exposure to toxic, ineffective chemotherapeutic agents. Clinical trials have demonstrated the potential for 1.4 times longer overall survival and a two- to three-fold improvement in progression-free cancer survival when ChemoFx is used in advance of making a therapeutic choice.
Interesting brute force method of testing for efficacy. I’m guessing the vast majority of this money goes into “product awareness.” It doesn’t matter how good your product and service is if no one knows about it.
Precision Therapeutics Secures $43 Million in Venture Capital Funding
-(Via PR Newswire: Pharmaceuticals/Biotechnology.)
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