Insider Brief
- PreciseDx, an AI-driven oncology diagnostics company, raised $20.7 million in Series B funding, bringing its total funding to $31.5 million.
- The funding will accelerate the validation and market entry of their AI-powered breast cancer risk assessment tool, PreciseBreast™, which provides faster and more accurate diagnostics.
- Key investors include Eventide Asset Management, Labcorp, Quest Diagnostics, and GenHenn Capital Venture, highlighting confidence in PreciseDx’s potential to improve patient outcomes and healthcare efficiency.
PRESS RELEASE — NEW YORK/August 21, 2024 /PRNewswire/ — PreciseDx®, a leading innovator in oncology diagnostics leveraging Artificial Intelligence (AI) for new, morphology-driven disease analysis, today announced that it has raised $20.7 million in Series B funding, bringing its total funding to date to $31.5 million. The round was led by Eventide Asset Management (“Eventide”), which invests in biotech and life science healthcare companies seeking solutions for unmet clinical needs.
Additional participants in the round include Labcorp, Quest Diagnostics, and GenHenn Capital Venture, along with existing investors.
“Our team continues to advance breast cancer diagnostics by delivering faster, more accurate data, in a cost-efficient method. This allows clinical care teams to make better informed clinical decisions resulting in improved patient outcomes,” said Eric Converse, Founding Board Member of PreciseDx. “This capital infusion sets the stage for our next phase of continued in-depth clinical trials to validate PreciseBreast™ in a specific clinical setting and market entry point.”
“We’re excited about PreciseDx, the milestones accomplished to date, and the potential for improving patient care in the near future,” said Westley Dupray, CFA, Research Analyst, Principal at Eventide. “We expect this financing will help accelerate the validation process for PreciseBreast™ and its potential to improve patient risk assessments, clinical outcomes, and healthcare efficiency.”
The funding comes on the heels of a number of key achievements by PreciseDx, including completion of two successful validation studies (analytical and clinical); receipt of CLIA Standard approval and CLEP NYSDOH review on the PreciseBreast™ assessment; a Cost Impact Study published by the Journal of Medical Economics; and the addition of new key collaborations, such as UCLA, COTA and Baptist Health South Florida, and Baylor Scott & White Health.
“Securing Series B funding not only signals PreciseDx’s continued achievements, but also underscores the trust and confidence in the Company’s trajectory,” added Converse.
Aquilo Partners, L.P. acted as financial advisor and McDermott Will & Emery as legal advisor to PreciseDx.
About PreciseDx®
PreciseDx® is innovating oncology diagnostics, leveraging Artificial Intelligence (AI) for revolutionary, morphology-driven disease analysis. Combining AI with our patented Morphology Feature Array® (MFA), PreciseDx provides access to unmatched disease insights and accurate, actionable intelligence for more comprehensive decision-making throughout the cancer care continuum. To learn more about PreciseDx, visit https://precisedx.ai/
About PreciseBreast™
PreciseBreast™ is an early-stage invasive breast cancer risk assessment, independent of HER2, and hormone receptor status. The AI-powered test utilizes standard H&E pathology slide images. Leveraging millions of data points, PreciseBreast™ analyzes, correlates, and quantifies those critical features that predict breast cancer recurrence and delivers a Risk of Recurrence Score. The test meets the rigorous Clinical Laboratory Improvement Amendments (CLIA) standards and has passed the Clinical Laboratory Evaluation Program (CLEP) Assay Validation Review by the New York State Department of Health (NYSDOH). PDxBr will be available worldwide under the brand name of PreciseBreast™. For more information, please contact [email protected].
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