Exact calculates acquisition of Armune

Armune Bioscience, a US-based prostate cancer diagnostics spinout from University of Michigan, has been acquired by oncological test manufacturer Exact Science for an undisclosed sum, Xconomy reported today.
The sale closed in mid-December 2017 but was not publicly revealed until earlier this month.
Founded in 2008, Armune has developed a diagnostic test for prostate cancer called Apifiny that scans a patient’s blood sample from for a distinct biomarker linked to the disease.
Apifiny is intended as a follow-up to the prostate-specific antigen assay typically used for prostate cancer probes, as the assay can sometimes produce a false-positive for the patient.
The technology will complement Exact’s own Cologuard diagnostics product for detecting colon cancer, which also uses biomarkers.
In addition to Apifiny, the transaction covers Armune tests for identifying aggressive prostate cancers and monitoring patients with non-aggressive cancers, as well as diagnostics for breast and lung cancer.
Armune’s diagnostics lab will close in light of the deal with the proceeds distributed among its shareholders, however Exact Science plans to retain the company’s research and development facility.
Armune had raised $14.5m in equity funding and debt over seven rounds prior to the acquisition, according to regulatory filings.
The total includes $5m in series A capital raised from Maverick Capital in 2016, at which point Armune was planning a $25m series B featuring Maverick, though company CEO David Esposito later suggested an acquisition might be preferable.
Armune’s other backers include University of Michigan’s Michigan Investment in New Technology Startups fund and West Michigan University’s Biosciences Research & Commercialisation Center, the latter of which supplied $750,000 in funding over five rounds.
Angel syndicate Grand Angels, Grand Angels Venture Fund II and unnamed private investors had also backed the company.