Precision Biopsy has raised $33.6 million in equity investments, which will be used as the company moves forward with a global commercialization strategy for its ClariCore Biopsy System.
The system is designed to provide real-time results when a biopsy of prostate tissue is taken. The money will also help with the development of the company’s Focal Therapy program. The program would use the same tissue-targeting technology used with ClariCore and 3D mapping in order to provide specific, localized therapy to the prostate gland.
“We are delighted to receive the support of leading institutional investors as we prepare to bring our ClariCore Biopsy System to market,” Amir Tehrani, Chief Executive Officer of Precision Biopsy, said in a release. “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.”
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
Core biopsy samples can miss up to 30 percent of prostate cancer that require therapy, the release stated. With ClariCore’s in-vitro tissue classification, the company claims that it will reduce the amount of core biopsy samples taken by up to 90 percent, reducing the amount of healthy tissue removed while still providing accurate diagnostic readings.
“Precision Biopsy aims to offer a win-win to healthcare systems worldwide: physicians and patients will receive real-time information and detection, enabling better patient management decisions while helping the healthcare system overall run more efficiently and cost effectively,” Omar Amirana, MD, Senior Vice President at Allied Minds, said in the release. “This successful fundraising will help to accelerate its commercial expansion.”
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