NEW YORK (GenomeWeb) – OncoCyte today announced that it has closed a $6.6 million financing round that included a cash investment of $3.3 million and the conversion of $3.3 million of existing debt into equity.
All of OncoCyte's existing shareholders participated in the financing round, the firm said in a statement.
"With this round of financing, OncoCyte is well positioned to prepare for commercialization of our cancer diagnostic products," OncoCyte CEO Joseph Wagner said in a statement. "As we complete analysis of the initial clinical data from our studies in lung, bladder, and breast cancer, we plan on collecting additional clinical validation data for our tests, solidifying the commercialization paths for each product, identifying our lead test for launch, and developing a longer-term financing strategy."
OncoCyte said that the proceeds will be used to fund research, clinical development, and commercialization of its PanC-Dx cancer diagnostic tests, which are based on gene expression biomarkers discovered by the firm's researchers.