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ProteoMedix Raises $3.6M in Series B Round

NEW YORK (GenomeWeb News) – Proteomics firm ProteoMedix said today that it has closed on a Series B equity funding round, raising CHF 3.2 million ($3.62 million) from existing and new investors.

The Zurich-based company, which spun out of the lab of Swiss Federal Institute of Technology researcher Ruedi Aebersold in 2010, plans to use the funds to continue development of its lead product, a protein test for aiding detection of prostate cancer.

Specifically, the test is intended to identify men at high risk of having prostate cancer, so as to reduce unnecessary prostate biopsies. According to the company, a recent pilot study indicates it could reduce negative biopsies by more than 50 percent.

The Series B round was led by Swiss venture capital firm Altos Venture. Other investors included Zürcher Kantonalbank and several private investors.