NEW YORK – C2N Diagnostics said Thursday that it has received a $10 million investment from Samsung C&T Corporation, Samsung Biologics, Samsung Bioepis, and Samsung Venture Investment Corporation.
St. Louis-based C2N said it will use the funds to scale its clinical laboratory services and Alzheimer's testing capabilities.
C2N's lead product is its PrecivityAD2 blood test for helping to diagnose Alzheimer's disease. The test measures the Aβ42/Aβ40 ratio and p-tau217/N-p-tau217 ratio in plasma to assess the likelihood that individuals with mild cognitive impairment or dementia have the brain amyloid pathology characteristic of Alzheimer's disease. It is intended as a less expensive and less invasive alternative to existing tools for diagnosing Alzheimer's like cerebrospinal fluid testing and PET scans.
"We are confident that C2N Diagnostics will further grow its leading position in the industry by serving global biopharma customers as well as medical service providers with its well-established blood biomarker testing portfolio," Jaywoo Kim, EVP of Samsung C&T, said in a statement.
"Samsung’s important investment will allow C2N to further strengthen our capabilities, expand our commercial scale, and innovate next generation diagnostic tests that can improve patients’ lives," C2N CEO Joel Braunstein said in a statement.
Last month, C2N received medical device registration from the UK's Medicines and Healthcare products Regulatory Agency (UK MHRA) for PrecivityAD2.
Last year, C2N inked a deal with Unilabs to offer the test in Europe and other geographies as well as a deal with Mediford Corporation to offer them in Japan.
C2N has also announced plans to build a fully automated high-resolution mass spectrometry platform for running its assays, including PrecivityAD2.