NEW YORK – Women's health startup Mammogen said Wednesday that it has closed an oversubscribed $2 million equity financing seed round.
The proceeds will fund ongoing clinical development efforts for Mammogen's genTRU breast program, a detection assay powered by what the firm said is a proprietary RNA-based liquid biopsy platform. According to the company, the service is designed to provide noninvasive screening and reduce unnecessary breast biopsies.
Mammogen is one of three startups housed under the umbrella of a larger company called IV Bioholdings. The two other firms, LiquidLung and HepGene are described as advancing diagnostic technologies for lung disease and liver disease, respectively.
The company said that studies of its technology have "demonstrated statistical significance toward providing measurable improvement upon current standards of care" but does not list specific publications on its website.
"We are uniquely integrating data, science and the lived experiences from the patients that we serve into all ongoing product development efforts related to our flagship breast cancer program. Our objective is to detect earlier, diagnose easier, and treat more comprehensively for the nearly 100 [million] women who are currently underserved by existing standards of care," CEO Elizabeth Cormier-May said in a statement.
Beyond breast cancer, Mammogen said it is also working on a larger product pipeline that includes a variety of noninvasive prognostics and diagnostics for additional diseases that affect "some-, mostly-, or only-women."