THANK YOU FOR SUBSCRIBING
Pharma Tech Outlook | Tuesday, March 23, 2021
OncoDiag has raised 2.5 million ($3M) in a Series A round of funding to market its Urodiag diagnostic test in France.
FREMONT, CA: OncoDiag, an organization specializing in diagnostic tests for early cancer detection, has announced that it had raised 2.5 million ($3M) in a Series A round of funding. $1.5 million ($1.8 million) was donated by several groups of business angels, along with many historic investors: Angels Sant, Business Angels des Grandes Ecoles (BADGE), and Normandie Business Angels (NBA). New investors in the funding round included Paris Business Angels (PBA) and the Socit de Financement de lInnovationNumriqueen Essonne (SFINE). Normandie Participations, a subsidiary of the Region of Normandy, contributed to this round of financing and will join investors' pool. Every investor will have a representative on the OncoDiag's supervisory board. This funding will be supplemented by $1 million ($1.2M) in loans and subsidies from Bpifrance and the Normandy Region. OncoDiag previously raised $1 million ($1.2 million) during a round of seed funding in 2018.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
OncoDiag will be able to market its Urodiag diagnostic test in France with the help of these funds. The trial, which earned its CE mark in October 2018, is for patients with low-grade or intermediate-risk non-muscle-invasive bladder cancer (NMIBC) or those at high risk of recurrence. Early detection of recurrent bladder cancer is possible due to a non-invasive urine test. It also serves as an alternative to urine cytology and may minimize or even eliminate the need for invasive procedures like cystoscopies. In men, bladder cancer is the sixth most common form of cancer.
OncoDiag is still working on validating two new diagnostic tests: Prostadiag for localized prostate cancer detection and Colodiag for colorectal cancer diagnosis. Prostadiag's ability to precisely diagnose indolent (or non-aggressive) types of prostate cancer might remove the requirement for significant surgery that 30 percent of the patients have to undergo. Prostate cancer is the second most common cancer among men and the fourth most common cancer worldwide.
"We are delighted to have the continued support of our longstanding investors and are pleased to welcome on board our new investors PBA, SFINE and Normandie Participations. It is a matter of great pride for the entire team to be working on improving the screening and diagnosis of cancer to make it as simple and non-invasive as possible for patients," said Claude Hennion, co-founder and CEO of OncoDiag. "This financing will allow us to begin marketing our first Urodiag test in France following years of research and development, with a view to improving the quality of care for patients and helping to cut healthcare costs by reducing the number of follow-up cystoscopies. This is an important first step for the company; it will pave the way for our other innovative tests for prostate and colorectal cancer."
More in News