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Autoimmune Disease Dx Firm Progentec Raises $5M in Series A Financing

NEW YORK – Progentec Diagnostics said on Wednesday it has completed a Series A financing round, raising $5 million.

The financing was led by Plains Venture Partners, the Oklahoma Seed Capital Fund, and the Oklahoma Angel Capital Fund II, managed by ni2E Management Company. Also participating in the round were NMC Health, OCA Ventures, Stanford University, the Oklahoma Medical Research Foundation, Mayo Clinic, and Burns & Stowers Investments.

The funding will be used to bring to market Oklahoma City-based Progentec's products for CLIA labs, as well as its digital technologies for managing lupus, it said. Additionally, the funding will support new research into digital biomarkers and remote delivery of digital therapeutic programs.

"With these funds we will be able to realize our vision of providing a comprehensive solution for management of lupus patients that combines proprietary blood biomarkers with high levels of sensitivity and specificity with continuous remote digital monitoring to benefit millions of lupus patients worldwide," Progentec CEO Mohan Purushothaman said in a statement.

He noted that early this year, the company plans on launching its aiSLE Dx biomarker assay for the early prediction of lupus flares. Later in the year, it plans on launching an enhanced lupus disease diagnostic assay.

In August, Progentec announced its merger with Karate Health. In July the company said it received a $225,000 grant from the National Institutes of Allergy and Infectious Diseases to advance blood biomarker-based laboratory tests for systemic lupus erythematosus.