NEW YORK (360Dx) – Swiss diagnostics firm ProteoMedix said today it has raised CHF 5.2 million ($5.3 million) in equity funding from existing investors.
The company said it will use the funds to commercialize its lead product, a blood-based proteomic test for identifying men with elevated prostate specific antigen levels who are at high risk of having prostate cancer. With the test, the company hopes to reduce the number of unnecessary prostate biopsies done on men with elevated PSA.
“We are delighted about the strong commitment from our existing investors. The additional funds allow us to advance our first product for the diagnosis of prostate cancer and start developing the market in Europe," Christian Brühlmann, CFO of ProteoMedix, said in a statement.
The round was led by Swiss venture capital firm Altos Venture and included all of ProteoMedix's existing investors. The company has raised a total of CHF 17 million in equity funding to date, including a CHF 5 million round in August 2016.