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Allegro Diagnostics Closes $4 Million Round to Develop and Commercialize Lung Cancer Molecular Diagnostics Based on Gene Expression
Date:3/7/2008

Jerome Brody, MD Joins Company as Chief Scientific Officer

BOSTON, March 7 /PRNewswire/ -- Allegro Diagnostics, a leader in the field of molecular diagnostics for lung cancer, has announced completion of $4 million in Series A financing. Kodiak Venture Partners led the round and was joined by Catalyst Health Ventures and Boston University. Allegro Diagnostics will develop and commercialize products based on gene expression technology developed by Jerome Brody, MD and Avrum Spira, MD, MSc within the Pulmonary Center at the Boston University School of Medicine. Jerome Brody, MD, formerly head of the Pulmonary Center, has joined Allegro Diagnostics as the company's Chief Scientific Officer.

"We are truly fortunate to have a team with world class science and financial backing from outstanding venture partners," said Dan Rippy, President and CEO of Allegro Diagnostics. "The Series A financing will enable us to take our first product, based on intellectual property developed at the Boston University School of Medicine, into the clinic to provide earlier, more accurate diagnosis of suspected lung cancer for patients and their doctors. The clinical community considers earlier identification of lung cancer a major unmet need in treating the disease, so our diagnostic should provide significant benefit."

In conjunction with the financing, Andrey Zarur, General Partner with Kodiak Venture Partners, and Josh Phillips, General Partner with Catalyst Health Ventures, joined the company's board of directors. "Allegro opens a novel alternative to assist physicians in diagnosing and potentially treating lung cancer," said Andrey Zarur, who became Chairman of the company as part of this round of financing. "Kodiak is very excited to join the world-leading scientists and first-class entrepreneurial team at Allegro."

"Catalyst is pleased to participate in the exciting work Allegro is furthering in the diagnosis of lung cancer," said Josh Phillips,
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SOURCE Allegro Diagnostics
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