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ProteoMedix Raises $1.1M in Extended Series B Round

NEW YORK (GenomeWeb) – Swiss diagnostic firm ProteoMedix today announced the second closing of a Series B financing round of CHF1 million ($1.1 million), bringing the total amount raised in the round to CHF4.2 million.

Zurich-based ProteoMedix, which spun out of the lab of Swiss Federal Institute of Technology researcher Ruedi Aebersold in 2010, raised CHF3.2 million in the first round of the Series B financing last April.

ProteoMedix will use the new funds to advance development of its lead product for the early diagnosis of prostate cancer. The multiplexed blood-based immunoassay is intended to aid in the detection of prostate cancer by informing men with elevated prostate-specific antigen and/or suspicious digital rectal exams about the likelihood of having a positive biopsy.

A pilot study showed that the company's assay has the potential to reduce negative biopsies by more than half, ProteoMedix said.

A new private investor joined the existing group of investors including Altos Venture, Zürcher Kantonalbank, and several private investors.