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Cancer Dx Firm Cernostics Raises $1.4M

NEW YORK (GenomeWeb News) – Cancer diagnostics and prognostics firm Cernostics recently announced it raised $1.4 million in a Series B financing round.

The funds will be used to further develop and commercialize the Pittsburgh-based company's lead product called TissueCypher:Barrett's. Its technology, Cernostics said, quantifies whole slide digital images, providing more information and accuracy than traditional subjective tissue diagnostics and will help eliminate uncertainty around treatment for Barrett's esophagus.

The TissueCypher technology is a digital platform "for multi-channel fluorescence whole slide imaging, and includes image reading, image segmentation, biomarker expression, and tissue structure evaluation," the company said on its website.

Existing investors participating in the Series B round included Novitas Capital, Geisinger Health System, and the Pittsburgh Life Sciences Greenhouse. Cernostics said it has raised more than $6 million since its founding.

Cernostics CEO Mike Hoerres said in a statement that the company has completed early clinical validation for TissueCypher:Barrett's, and the recent funding "enables us to take our next steps towards commercialization, both for our lead Barrett's esophagus product, and the other products in our pipeline."