Colorado University biotech spinout Precision Biopsy has secured $33.6m in a series A to support the global commercialisation of its prostate biopsy technology.
The Boston-based company’s round was led by Woodford Investment Management, the investment company headed by renowned UK spinout investor Neil Woodford. Commercialisation firm Allied Minds, which helped develop Precision Biopsy and participated in a previous round worth $2.5m. In total, the company has raised $36.1m.
The round will be used to provide to further develop Precision’s prostate biopsy platform. Around two million men undergo prostate biopsies worldwide, and nearly 30% of cancers can get missed through the current ultrasound approach. Precision’s optical tissue technology is seeking to provide more accurate results.
Amir Tehrani, CEO of Precision Biopsy, said: “We are delighted to receive the support of leading institutional investors as we prepare to bring our ClariCore Biopsy System to market. We believe that the ClariCore system will help to improve the diagnostic process for millions of patients who undergo biopsy procedures each year to monitor for prostate cancer, the second-most deadly cancer in men after lung cancer.”
Note: This article has been updated to show that this round was an A round instead of a B as originally stated.
