NEW YORK — Cancer diagnostic firm AOA Dx said this week it has closed a $7 million funding round that will help the company develop its liquid biopsy assay technology and hire more employees.
The round was led by Avestria Ventures, AlleyCorp, The Helm, RH Capital, Olive Tree Capital, Tencent, and other investors, it said. The money will help the Boston-based firm develop its Akrivis GD cancer detection technology, which it said would provide the first reliable biomarkers for detection of early-stage ovarian cancer.
"Tumor Marker Gangliosides offer a new and unexploited potential for diagnosis, creating a new field of omics as the next frontier in diagnostics," AOA Dx said in a statement. "Tumor glycolipids exploited for diagnosis additionally offer unique molecular targets for precision cancer immuno‑therapy. Preclinical studies utilizing these targets have shown promising results."
A review study showed the technology is more than 90 percent accurate for detection of ovarian cancer, including early stages of the disease, AOA Dx said. Its CEO Oriana Papin-Zoghbi said the study results show the company is on the path to creating better outcomes for ovarian cancer patients.
Early detection could halve deaths from ovarian cancer, and the Akrivis GD test would provide the first tool to enable that detection, AOA Dx said.