On August 21, 2024 PreciseDx, a leading innovator in oncology diagnostics leveraging Artificial Intelligence (AI) for new, morphology-driven disease analysis, reported that it has raised $20.7 million in Series B funding, bringing its total funding to date to $31.5 million (Press release, PreciseDx, AUG 21, 2024, View Source [SID1234646043]). The round was led by Eventide Asset Management ("Eventide"), which invests in biotech and life science healthcare companies seeking solutions for unmet clinical needs.
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Additional participants in the round include Labcorp, Quest Diagnostics, and GenHenn Capital Venture, along with existing investors.
"Our team continues to advance breast cancer diagnostics by delivering faster, more accurate data, in a cost-efficient method. This allows clinical care teams to make better informed clinical decisions resulting in improved patient outcomes," said Eric Converse, Founding Board Member of PreciseDx. "This capital infusion sets the stage for our next phase of continued in-depth clinical trials to validate PreciseBreast in a specific clinical setting and market entry point."
"We’re excited about PreciseDx, the milestones accomplished to date, and the potential for improving patient care in the near future," said Westley Dupray, CFA, Research Analyst, Principal at Eventide. "We expect this financing will help accelerate the validation process for PreciseBreast and its potential to improve patient risk assessments, clinical outcomes, and healthcare efficiency."
The funding comes on the heels of a number of key achievements by PreciseDx, including completion of two successful validation studies (analytical and clinical); receipt of CLIA Standard approval and CLEP NYSDOH review on the PreciseBreast assessment; a Cost Impact Study published by the Journal of Medical Economics; and the addition of new key collaborations, such as UCLA, COTA and Baptist Health South Florida, and Baylor Scott & White Health.
"Securing Series B funding not only signals PreciseDx’s continued achievements, but also underscores the trust and confidence in the Company’s trajectory," added Converse.
Aquilo Partners, L.P. acted as financial advisor and McDermott Will & Emery as legal advisor to PreciseDx.