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news.Precision Therapeutics, a diagnostics services company, has secured $43 million in additional funding to expand the development and commercialization of ChemoFx, a diagnostic test that helps physicians select the most effective chemotherapeutic regimen for cancer patients.
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New investor, Longitude Venture Partners 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, the company said.
Sean McDonald, president and CEO of Precision Therapeutics, said: “We are very pleased with this significant round of funding provided by Longitude Capital and the continuing support of our existing investors. The confidence shown by this group in ChemoFx as a tool that can have a significant impact on patient outcomes validates the hard work undertaken by the company in the last few years.
“This funding will allow us to expand our penetration of the market and aggressively pursue new programs that will further enhance a physician’s ability to determine individualized therapy regimens for patients in need.”