What You Should Know:
– PreciseDx, a pioneering company in oncology diagnostics utilizing artificial intelligence (AI) raises $20.7M in Series B funding led by Eventide Asset Management with participation from Labcorp, Quest Diagnostics, GenHenn Capital Venture, and existing investors. This brings the company’s total funding to date to $31.5M.
– The new funding will enable PreciseDx to accelerate its growth and expand its operations. The company plans to invest in talent acquisition, product development, and strategic partnerships. Additionally, PreciseDx will continue to explore new applications for its technology and expand its reach into global markets.
Leveraging AI for Improved Oncology Diagnostics
PreciseDx’s AI-powered platform offers a novel approach to oncology diagnostics, focusing on morphology-driven disease analysis. By analyzing tissue samples, the technology can provide valuable insights into cancer diagnosis and prognosis. This innovative approach has the potential to revolutionize the field of oncology and improve patient outcomes.
Recent Traction/Milestones
PreciseDx has garnered significant momentum in recent months, achieving several key milestones:
- Successful validation studies: The company completed both analytical and clinical validation studies for its PreciseBreast™ assessment, demonstrating its accuracy and reliability.
- Regulatory approvals: PreciseDx obtained CLIA Standard approval and CLEP NYSDOH review for PreciseBreast™, ensuring its compliance with regulatory standards.
- Cost-effectiveness: A cost impact study published in the Journal of Medical Economics highlighted the economic benefits of using PreciseDx’s technology.
- Strategic partnerships: The company has forged collaborations with renowned institutions such as UCLA, COTA, Baptist Health South Florida, and Baylor Scott & White Health.
“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.”
