Cancer diagnostics company using genomics analysis raising $1.3 million

Genomics-based cancer diagnostics company RedPath Integrated Pathology is raising $1.3 million in fresh capital.

Company name: RedPath Integrated Pathology.

Industry: Cancer diagnostics.

Location: Pittsburgh, Pennsylvania.

Solution/product: The biotechnology company uses genomics analysis to detect cancer. PathFinder TG uses molecular analysis of mutations in genomic DNA to provide a more accurate reading in cases where traditional pathology or other diagnostics tests produce inconclusive diagnoses. It performs tests for cancer of the pancreas, breast, lung, liver, endometrium and ovary.

Money raised: It is seeking to raise $1.3 million. It raised $1.6 million last year according to a Form D filing with the U.S. Securities and Exchange Commission.

Investors: New Spring Capital, CID Capital, Seneca Health Partners, Inflexion Partners. It has also received funding from Innovation Works and Pittsburgh Life Science Incubator.

Management team: Dr. Dennis M Smith, the CEO, previously served on the executive management team and board of directors of AmeriPath, which was later acquired by diagnostic giant Quest Diagnostics (NYSE:DGX). At AmeriPath, he was chief medical officer and executive vice president of Genomic Strategies, and executive director of AmeriPath’s Center for Advanced Diagnostics. Dr. Sydney D. Finkelstein, the chief scientific officer, co-founded RedPath after 20 years as a practicing academic surgical pathologist. His patented technology for topographic genotyping is the basis  of the company’s diagnostic platform.

Market size: RedPath’s technology is part of a growing area of next-generation cancer diagnostics that BCC Research projects will grow to a market value of more than $5 billion by 2015.

Competitors: RedPath is a private company, so it’s difficult to assess with accuracy of its competitors. But among the companies in this space are Roche , Asuragen and Biodesix,

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