Buffalo spin-out Empire Genomics looks to raise $15m for cancer diagnostics.

Empire Genomics, a spin-out of Buffalo University, is looking to secure $15m in a venture round the US-based firm hopes to close in the next few months.

Empire, which is developing cancer diagnostics, is seeking to expand out of its headquarters into a new location at Buffalo Niagara Medical Campus, and further develop its tests which have already attracted an international hospital supplier as a customer.

The firm previously raised $1m in 2014 from state backed Innovate NY Fund and Z80 Labs. The company is inviting both existing backers to join the new round as well as venture capital firm Rand Capital and other new investors.

Anthony Johnson, CEO at Empire, said: “The future of healthcare is the ability to be more precise with the treatment of patients. What better way to save costs that to diagnose somebody who has cancer earlier, and to understand the ideal treatment. That’s where we’re at right now as an industry and Empire Genomics has a bright future.”