Skip to main content
Premium Trial:

Request an Annual Quote

Allegro Raises $4.5M to Support Commercialization of Lung Cancer Test

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Allegro Diagnostics today announced it has closed a $4.5 million Series A extension financing.

Proceeds will be used to commercialize the company's BronchoGen test in 2012. The molecular testing platform uses gene expression of normal epithelial cells in the respiratory tract for the early detection of lung cancer.

Participants in the round included existing venture investors Kodiak Venture Partners and Catalyst Health Ventures.

In a statement, Michael Webb, president and CEO of Allegro, noted that although about 300,000 bronchoscopic tests are performed yearly, the majority of results are inconclusive. As a result, patients with suspected lung cancer may not receive proper treatment.

"When used alongside standard bronchoscopy procedures, BronchoGen is intended to provide additional critical diagnostic information much earlier in the diagnostic process," Webb said.

The Maynard, Mass.-based spinout of Boston University raised $4 million in a Series A round in 2008. In late June Allegro licensed IP from BU and the University of Utah Foundation to support the BronchoGen test.

The Scan

Not as High as Hoped

The Associated Press says initial results from a trial of CureVac's SARS-CoV-2 vaccine suggests low effectiveness in preventing COVID-19.

Finding Freshwater DNA

A new research project plans to use eDNA sampling to analyze freshwater rivers across the world, the Guardian reports.

Rise in Payments

Kaiser Health News investigates the rise of payments made by medical device companies to surgeons that could be in violation of anti-kickback laws.

Nature Papers Present Ginkgo Biloba Genome Assembly, Collection of Polygenic Indexes, More

In Nature this week: a nearly complete Ginkgo biloba genome assembly, polygenic indexes for dozens of phenotypes, and more.