PITTSBURGH, Nov. 10 Precision Therapeutics Inc., a leaderin the development of predictive drug response tests, has secured $43 millionin additional funding to expand the development and commercialization ofChemoFx(R). ChemoFx is a diagnostic test that helps physicians select themost effective chemotherapeutic regimen for cancer patients. New investor,Longitude Venture Partners, L.P., led the round and was joined by existinginvestors Adams Capital Management, Quaker BioVentures, Birchmere Ventures,Techno Venture Management, and Draper Triangle Ventures.
"We are very pleased with this significant round of funding provided byLongitude Capital and the continuing support of our existing investors. Theconfidence shown by this group in ChemoFx as a tool that can have asignificant impact on patient outcomes validates the hard work undertaken bythe company in the last few years," said Sean McDonald, President and CEO ofPrecision Therapeutics. "This funding will allow us to expand our penetrationof the market and aggressively pursue new programs that will further enhance aphysician's ability to determine individualized therapy regimens for patientsin need."
The ChemoFx Drug Response Marker is a laboratory test that determines howan individual patient's cancer cells will respond to different chemotherapyagents prior to initiating chemotherapy. Using ChemoFx to help selecttreatment can lead to better clinical outcomes while reducing exposure totoxic, ineffective chemotherapeutic agents. Clinical trials have demonstratedthe potential for 1.4 times longer overall survival and a two- to three-foldimprovement in progression-free cancer survival when ChemoFx is used inadvance of making a therapeutic choice.
"Precision Therapeutics is great example of the type of diagnostic companywe will invest in," said Dr. David Hirsch, who is a Principal at LongitudeCapital and will join Precision Therapeutics' Board of Directors. "TheChemoFx test provides physicians with clinically meaningful information thatimproves patient care while also reducing total system costs. We were furtherimpressed by the test's initial adoption and the company's experiencedmanagement team."
"ChemoFx has already been proven to give physicians an advantage whenselecting therapy for patients with ovarian cancer. This funding will enablePrecision to broaden their education efforts to physicians who can use thistool to make treatment decisions that have a higher likelihood of success,"said Richard Kollender, Precision Therapeutics Board Member and Partner atQuaker BioVentures.
About Precision Therapeutics
Precision Therapeutics is a diagnostics services company dedicated toproviding physicians and patients with actionable clinical information topersonalize cancer treatments. Precision Therapeutics is a leader in thedevelopment and delivery of treatment support tools that assist physicians andbenefit cancer patients. For more information visitwww.precisiontherapeutics.com, call 800-547-6165 or firstname.lastname@example.org.
About Longitude Capital
Longitude Capital is a venture capital firm that invests in medical deviceand biotechnology companies developing products that address important unmetmedical or economic needs in the life sciences industry. Longitude'sinvestment team has more than 100 years of industry experience and hasinvested in over 100 life sciences companies. Longitude raised its inauguralfund, the $325,000,000 Longitude Venture Partners, L.P., in 2008 and hasoffices in Menlo Park, California and Greenwich, Connecticut. For moreinformation on Longitude Capital, visit www.longitudecapital.com.
SOURCE Precision Therapeutics Inc.