NEW YORK (GenomeWeb News) – Provista Diagnostics today announced it has entered into purchase agreements with institutional investors to raise $5 million in a Series A Preferred financing.
The funds will go mainly toward the completion of a confirmatory clinical trial and 510(k) submission to the US Food and Drug Administration of its breast cancer test. The remainder will be used to repay outstanding short-term debt obligations, the Phoenix-based firm said.
The firm's BT test, which is used in conjunction with mammography, is its first product and detects biomarkers in blood that are associated with early breast cancer. Provista, which focuses on oncology, is also developing a lung cancer test and an ovarian cancer test.
The company also named additions to its board of directors in connection to the financing: Jeffrey Gilman, an executive at investment advisor Louis-Dreyfus Family Office; Anne Busquet, a principal at consulting firm AMB Advisors; and John Macaskill, managing director of Groton Partners, a merchant bank.