Precision Biopsy has closed on $2.5 million from Allied Minds. The funding will help the company with the commercialization phase of its novel prostate cancer detection technology. Precision Biopsy was formed Allied Minds in cooperation with the University of Colorado. Allied Minds is a private equity-funded innovation company with offices in Boston and Los Angeles.
Precision Biopsy formally closes a $2.5MM round of funding to kickoff the commercialization phase of a novel prostate cancer detection technology developed at the University of Colorado Anschutz Medical Campus. The American Urological Association estimates that every year, 180,000 men in the U.S. are diagnosed with prostate cancer and 30,000 die from this disease. Each year over one million prostate biopsies are performed in the U.S., but only 25-30% of cancers are diagnosed during initial screening. There is a significant unmet need to improve overall cancer detection rates during routine biopsy procedures. Precision Biopsy technology significantly improves cancer detection rates and focuses therapy only where the cancer lesions exist instead of the entire prostate gland.
This new round of funding will give Precision Biopsy the opportunity to complete the product development phase in preparation for market introduction. Amir Tehrani, former CEO of Amaranth Medical and 20 year industry executive, has joined Precision Biopsy as Executive in Residence and General Manager to transition the company toward commercialization.
“Any technology that can better guide early intervention in prostate cancer, has enormous potential to positively impact outcomes and quality of life for patients. We are committed to seeing the clinical impact of this research program realized and made available to patients,” says Rick Silva, PhD, Director at the University of Colorado Technology Transfer Office. “Allied Minds is committed to supporting the company in the development and commercialization of products addressing this market. This round of funding is a testament to our belief in this technology,” states Chris Silva CEO of Allied Minds.
About Precision Biopsy, LLC
Precision Biopsy, LLC is a privately-held startup company formed by Allied Minds, Inc. in cooperation with the University of Colorado to commercialize a revolutionary optical biopsy technology designed to improve the accuracy and reliability of prostate biopsies and the diagnosis of prostate cancer. www.precisionbiopsy.com
About Allied Minds, Inc.
Allied Minds is a $250M private equity-funded innovation company with offices in Boston and Los Angeles. The Company creates startup businesses based on early-stage technology developed at renowned U.S. universities and national labs, and serves as a holding company that supports these businesses with capital, management and shared services. Allied Minds is the premier firm to utilize this novel and fully-integrated approach to technology investing. The Company’s subsidiary investments span multiple business sectors and offer an attractive risk-return profile, a deliverable timeline and potential products that will be groundbreaking in their respective fields. These subsidiaries include BA Logix, Biotectix, Cephalogics, CryoXtract, Illumasonix, ProGDerm, Precision Biopsy, Purtein, RF Biocidics, SaltCheck, SciFluor Life Sciences, SiEnergy Systems, SoundCure and Spin Transfer Technologies. www.alliedminds.com.