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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.