The new financing round was led by Altos Venture (Allschwil, Switzerland), a Swiss venture capital firm chaired by Walter Fischli (co-founder of Actelion), that is investing in carefully selected hightech start-ups. All existing investors participated in this round, including Zürcher Kantonalbank and several private investors experienced in life science investments.
The new funds will enable ProteoMediX to continue the development of its lead product for prostate cancer diagnosis into a final CE-certified IVD product and gather additional clinical data. The test is intended as an aid in the detection of prostate cancer, i.e. to inform men with elevated PSA (prostate specific antigen) and/or suspicious DRE (digital rectal examination), about the likelihood of having a cancer positive biopsy. The goal is to significantly reduce unneeded prostate biopsies (today, more than 70% of biopsies are negative).
The promising results of a clinical study performed earlier this year showed that ProteoMediX’ test has the potential to reduce negative prostate biopsies by up to 60%. In addition, the new funding will allow ProteoMediX to continue development of a follow-on product for the prognosis of prostate cancer.
Ralph Schiess, CEO and co-founder commented: “We are delighted to have received continuous support and additional funds that will enable us to advance our first test for the reduction of negative prostate biopsies towards a market introduction in Europe”. “We are pleased that we received such a strong commitment from our existing investors. This is a very strong sign of confidence in our company and recognizes the progress we made”, said Christian Brühlmann, CFO and co-founder of ProteoMediX.