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news.Predictive Biosciences, a molecular diagnostics company developing non-invasive diagnostic products for informed cancer management, has closed a $21.75 million series B financing.
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The financing was led by new investor New Enterprise Associates (NEA), a global healthcare and technology venture capital firm, with additional new participation from Kaiser Permanente Ventures, an investment arm of Kaiser Permanente, America’s integrated healthcare delivery system.
In addition, the existing investors from the company’s $10 million series A financing, Flybridge Capital Partners and Highland Capital Partners, participated in the series B raise.
In conjunction with this financing, Predictive Biosciences has appointed to its board of directors James Barrett, general partner with NEA, as well as Jordan Kramer, senior venture manager at Kaiser Permanente Ventures, as a board observer.
Predictive intends to use the proceeds from the series B financing to complete current clinical validation studies and initiate multi-center clinical trials. In addition, the funds will support the company’s efforts to open an independent clinical laboratory improvement amendments compliant lab for diagnostic testing.
Peter Klemm, president and CEO of Predictive Biosciences, said: “The completion of this financing ensures on-track development of our innovative urine-based diagnostic assays designed to enable physicians to conveniently and reliably determine the presence or absence of cancer.
“Over the coming months, we will continue to execute our clinical development and commercialization plans, and complete preparations to launch a multi-center clinical trial in bladder cancer recurrence patients.”