Provista Diagnostics, a cancer detection and diagnostics company, has entered into purchase agreements with a group of institutional investors to raise $5m in a Series A Preferred financing.

Provista said it is planning to use majority of the funds for completion of a confirmatory clinical trial and FDA 510(k) submission for the BT Test, while a part of the funds will be used for the repayment of all outstanding short-term debt obligations.

BT Test is a cost-effective blood test that accurately detects the presence of breast cancer and is used in conjunction with mammography.

As part of the financing, Louis-Dreyfus Family Office executive Jeffrey Gilman, AMB Advisors principal and Golden Seeds MD Anne Busquet, and Groton Partners MD John Macaskill have joined Provista’s Board of Directors.

Provista Diagnostics president and CEO David Reese said the company’s vision is to develop innovative diagnostic tests for the early detection and management of cancers in women.

"The capital infusion and the input by the new members of our board are both important steps in the execution of Provista’s vision," Reese said.