This funding bolsters the company’s balance sheet and supports ongoing development and commercialization of its pan-disease diagnostic testing platform
OncoCell MDx, a pan-disease immunogenomics platform company developing novel noninvasive blood-based tests to optimize patient care, today announced it has raised $22.2 million in a Preferred Series B financing. The financing was led by Savitr Capital, LLC (Savitr) with participation from existing investors.
OncoCell MDx has raised more than $30 million to date in support of its vision to simultaneously detect and stage cancer and other diseases using a single blood sample. This funding bolsters the company’s balance sheet and supports ongoing development and commercialization of its pan-disease diagnostic testing platform. The company plans to launch a blood test for detection and grading of aggressive prostate cancer next year.
“OncoCell is harnessing the power of the immune system and leveraging their proprietary immunogenomics technology to diagnose and stage disease early when there is the greatest opportunity for cure,” said Andrew Midler, Managing Member at Savitr.
“We are developing and commercializing novel noninvasive tests that provide accurate diagnostic information quickly to physicians and their patients to help optimize patient treatment and improve patient outcomes,” said Mark McDonough, President and CEO of OncoCell MDx.
“In a relatively short time, we have built a database of over 2,000 patient subjects analyzed with RNA-Seq and identified unique immunogenomic signatures that can discriminate healthy patients from those with indolent versus aggressive disease, he said. In prostate cancer, we’ve developed a blood test to enable improved staging and determine if a patient can safely forego invasive surgery or radiation therapy. Then, by virtue of our noninvasive approach, the patient can be serially tested to rule out disease progression, reducing the cost of care and improving quality of life.”
Source: Company Press Release