Woodford Investment Management, which led an initial series A close of $33.6m for the Colorado spinout a year ago, has returned to provide a $5m extension.
Precision Biopsy, a biotechnology spinout of Colorado University, yesterday expanded its series A round to $38.6m following a $5m extension supplied by investment firm Woodford Investment Management.
Woodford also led the initial $33.6m series A close in October 2015. Commercialisation firm Allied Minds, which helped establish Precision Biopsy, also contributed to that first tranche.
Precision Biopsy is working on technology that relies on spectral analysis to provide real-time, in-vivo classification of tissue. The product, ClariCore Optical Biopsy System, requires up to 90% fewer core samples. It is initially aimed at prostate biopsies.
The extension will go towards continued development of the spinout’s Focal Therapy program, which aims to offer targeted, localised therapy to cancerous areas of the prostate gland. The approach means patients could be treated in a single session by their urologist.
The additional money will also support ongoing efforts to commercialise ClariCore internationally.
Allied Minds previously provided $2.5m in 2011. GUV data shows the company has now secured a total of $41.1m.
Amir Tehrani, chief executive of Precision Biopsy, said: “We are delighted to receive the additional support from our leading institutional investor 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.”
