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OncoDiag Raises $3M to Market Test for Early Detection of Recurrent Bladder Cancer

NEW YORK ─ Miserey, France-based OncoDiag said on Monday that it has raised €2.5 million ($3 million) in a Series A financing round that will enable it to begin marketing in France its Urodiag PCR-based diagnostic test for recurrent bladder cancer.

The firm added that the financing will also enable it to expand its international presence, in particular in Europe, the US, Canada, and Japan.

The Series A round included current and new angel investors ─ Angels Santé, Business Angels des Grandes Ecoles, Normandie Business Angels, Paris Business Angels, and the Société de Financement de l’Innovation Numérique en Essonne. The Region of Normandy also contributed to the financing round and will joining the pool of investors via Normandie Participations. Each investor will sit on OncoDiag's supervisory board.

Loans and subsidies granted by Bpifrance and the Region of Normandy will supplement the financing round.

"This financing will allow us to begin marketing our first Urodiag test in France following years of research and development, with a view to improving the quality of care for patients and helping to cut healthcare costs by reducing the number of follow-up cystoscopies," Claude Hennion, cofounder and CEO of OncoDiag, said in a statement.  

Urodiag, which obtained CE marking in 2018, is a urine-based multiplex PCR kit used for the early detection of recurrent bladder cancer in patients being treated for low-grade or intermediate-risk non-muscle invasive bladder cancer, and patients with a high risk of recurrence.

The firm noted that it further continues to work on the validation of two diagnostic tests ─ Prostadiag for the detection of localized prostate cancer and Colodiag for the detection of colorectal cancer.

In 2018, OncoDiag raised €1 million during a round of seed funding.