NEW YORK (GenomeWeb News) – Provista Diagnostics today said that it has sold an additional $2.5 million of Series A preferred stock, bringing the total amount raised in the round to $7.5 million.
The additional financing was open only to existing shareholders of the firm and was raised through a sale to qualified institutional and individual investors, it said. Earlier this year, the Scottsdale, Ariz.-based developer of blood-based diagnostics for oncology-related diseases raised $5 million in the Series A round.
Proceeds will go toward expansion of its laboratory capabilities, the completion of an ongoing confirmatory clinical trial of Provista's dtectDx-Breast test, formerly called BT Test, a regulatory submission for the test, followed by commercialization of it.
The test detects biomarkers from blood samples. Used in conjunction with mammography, dtect-Breast can support the early detection of breast cancer, the company said.
Funds will also be used for general corporate purposes and the development of pipeline products.