NEW YORK (GenomeWeb) – Startup molecular diagnostics firm Prostate Management Diagnostics announced on Thursday the first close of a Series A financing round that brought in nearly $1.1 million.
The funding will go toward developing and commercializing genomic tests for the diagnosis and prognosis of prostate cancer. The tests are based on research led by Elaine Mardis and Christopher Maher at the Genome Institute at the Washington University School of Medicine in St. Louis. Prostate Management was founded by the non-profit Peter Michael Foundation.
The funding will initially be used to develop a test for differentiating indolent and aggressive disease in patients who have been newly diagnosed with early-stage prostate cancer. A second assay is planned to monitor patients diagnosed with indolent disease to determine if they are at risk of progressing to a more aggressive form of the disease. Lastly, Prostate Management plans to develop a fluid-based screening tool to identify men at risk for prostate cancer when they have no prior symptoms or diagnosis of the disease.
BioGenerator, a private, non-profit organization that invests in bioscience companies in St. Louis, invested $100,000 in the financing round, it said. Other participants in the round were private investors, a spokesperson for the Peter Michael Foundation said.