PrognomiQ – a healthcare company focused on harnessing the power of multi-omics data to transform the detection and early treatment selection and monitoring of cancer and other complex diseases – announced the company’s Series D financing of $34 million led by Seer, Inc., with participation from a new, large, strategic investor in the Diagnostics segment as well as from existing investors, including Catalio Capital Management, aMoon, Invus and Bruker. The closing of this round brings PrognomiQ’s total funding to more than $135 million since the company was founded in September 2020.
PrognomiQ will use this round of funding to advance development of an early detection test for lung cancer, which the company plans to provide as a lab developed test (LDT) and later as an In Vitro Diagnostics (IVD) test. PrognomiQ was recently granted a Clinical Laboratory Improvement Amendment (CLIA) license to support the development of the LDT product, and it is currently enrolling a prospective 15,000 subject study in lung cancer, initiated in 2023 to support registration of the IVD product.
Additionally, concurrent with this financing, Isaac Ro has joined PrognomiQ’s Board as an Independent Director. Isaac brings broad experience as an investor, operating executive and equity research analyst in the Diagnostics industry. He is currently a Partner with Catalio Capital Management. He recently served as Executive Chair of Haystack Oncology, and prior to that, as Chief Financial Officer of Sema4 where he took the company public and led the acquisition of GeneDx. Previously, he served as Chief Financial Officer of Thrive Earlier Detection where he helped raise $367 million in funding and led the company’s sale to Exact Sciences for $2.1 billion. Earlier in his career, Isaac was a top ranked equity research analyst at Goldman Sachs in the Tools and Diagnostics sector.
Also Read: Dr. Simon Lowry Named CMO at Emergent BioSolutions
“We’re grateful for the support from our syndicate of investors and board members, who acknowledge the exceptional value of our platform, and the opportunity to advance the development of our transformative, early detection lung cancer products,” said Philip Ma, President and CEO of PrognomiQ. “We are honored and thrilled to have the support of our investors and partners, and to welcome Isaac as an Independent Director. We have an exciting path ahead of as we develop products that have the potential to dramatically improve patient outcomes for lung cancer, the leading cause of cancer-related deaths worldwide, through early detection.”
The unmet need for early detection of lung cancer through convenient and accessible modalities is exceptionally high, particularly for early stage lung cancer that is both highly treatable and potentially curable. The current standard of care, for the over 14 million high-risk individuals in the U.S. eligible for lung cancer screening, is low-dose computed tomography (LDCT) scanning. Although these screening recommendations were originally made in 2013, LDCTs remain significantly underutilized, with low adherence rates of less than 10% due to a number of factors at both the patient and provider level, including having a wide range in the reported sensitivity and specificity performance as well as high false positivity of LDCT tests.
SOURCE: GlobeNewswire