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ProteoMedix Closes CHF 5M Financing Round

NEW YORK (GenomeWeb) – Swiss diagnostics firm ProteoMedix said today that it has closed a CHF 5 million ($5.2 million) equity financing round.

The company said it plans to use the funds to obtain CE-IVD marking for its lead product, a proteomic test for diagnosing prostate cancer, as well as to collect more clinical data. It also plans to develop an additional test for prostate cancer prognosis.

The diagnostic test is intended to help physicians decide whether to do prostate biopsies on men with elevated PSA levels or suspicious digital rectal exams. According to the company, a clinical study of the test performed earlier this year indicated it could reduce negative biopsies by as much as 60 percent.

The funding round was led by Swiss venture capital fund Altos Venture. All existing investors also participated in the round, the company said.

To date, ProteoMedix has raised roughly CHF 12 million in funding.