NEW YORK (GenomeWeb News) – Molecular diagnostics firm IncellDx today said it has closed a $3 million Series A financing.
IncellDx did not disclose the names of the investors in the round.
Proceeds will be used to further commercialize the company's products and initiate the US clinical trial for its test for human papillomavirus, HPV OncoTect, a CE-marked E6, E7 mRNA test, IncellDx said in a statement.
The US High Risk HPV testing market is estimated at $300 million and growing 14 percent annually, IncellDx said. One limit of current tests for HPV is the lack of specificity, and according to Bruce Patterson, founder and CEO of IncellDx, about 92 percent of women spontaneously clear of High Risk HPV infection in two years. As a result "many women with positive test results will not proceed to cervical cancer," he said.
HPV OncoTect detects and quantifies the cellular oncogenes responsible for triggering progression to cervical cancer and may improve specificity, the Menlo Park, Calif.-based company said.
According to IncellDx's website, the firm is developing tools to detect and monitor other life-threatening viral diseases, such as HIV/AIDS, hepatitis, and organ transplant rejection. Its proprietary technology combines molecular diagnostics with flow cytometry, providing specific molecular details about each and every cell. The technology measure both the level of target in each cell as well as the total percentage of cells that express the target.