Altos Venture (Allschwil, Switzerland), a Swiss venture capital firm chaired by Dr. Walter Fischli (co-founder of Actelion), led the financing round. All existing investors participated in this round, including Zürcher Kantonalbank and several private investors experienced in life science investments. Including the funds from this new round, ProteoMediX has raised a total of CHF 17 million (€ 15 million) in equity.
The new funds will enable ProteoMediX to continue the market preparations and start with the market development of its lead product for prostate cancer diagnosis. The blood-based test is intended as an aid in the diagnosis of prostate cancer, i.e. to inform men with elevated PSA (prostate specific antigen) about the likelihood of having prostate cancer. ProteoMediX’ test is based on a proprietary protein signature and addresses the problem of prostate cancer overdiagnosis resulting in numerous negative prostate biopsies and potential side effects such as infections or bleeding. The goal is to significantly reduce these negative biopsies (today, more than half of all prostate biopsies are negative). The promising results of several clinical studies showed that ProteoMediX’ test has the potential to significantly reduce overdiagnosis and identify high-grade cancer with high accuracy.
Dr. Ralph Schiess, CEO commented: “We are very pleased with the continuous financial support we receive. This reflects the continuous progress we made in the past and the potential of our approach for improving prostate cancer diagnosis”. “We are delighted about the strong commitment from our existing investors. The additional funds allow us to advance our first product for the diagnosis of prostate cancer and start developing the market in Europe”, said Christian Brühlmann, CFO of ProteoMediX.
Picture: Christian Brühlmann, Ralph Schiess (from left).