NEW YORK – Cancer diagnostics firm PreciseDx said on Wednesday that it has raised $20.7 million in Series B funding round.
The New York City-based firm said that it plans to use the money to support its ongoing series of clinical trials to validate in clinical settings the use of its PreciseBreast test for early-stage invasive breast cancer risk assessment. The artificial intelligence-based test is for analyzing pathology slide images and predicting a patient's risk of breast cancer recurrence.
The round was led by Eventide Asset Management with participation from Laboratory Corporation of America, Quest Diagnostics, GenHenn Capital Venture, and existing investors. The company noted that the Series B round brought its total funding to $31.5 million.
"Our team continues to advance breast cancer diagnostics by delivering faster, more accurate data in a cost-efficient method," PreciseDx board member Eric Converse said in a statement. "This allows clinical care teams to make better-informed clinical decisions resulting in improved patient outcomes."
The firm noted that cost impact study results published last month in the Journal of Medical Economics suggest the test can lead to cost savings compared to using a standard-of-care 21-gene expression test and histopathology assessment. The firm also announced this spring that it had formed a partnership with Cota and Baptist Health South Florida on the validation of PreciseBreast to predict the likelihood of invasive breast cancer recurrence.