Navigation Links
Precision Therapeutics Secures $43 Million in Venture Capital Funding
Date:11/20/2008

PITTSBURGH, Nov. 10 /PRNewswire/ -- Precision Therapeutics Inc., a leader in the development of predictive drug response tests, has secured $43 million in additional funding to expand the development and commercialization of ChemoFx(R). ChemoFx is a diagnostic test that helps physicians select the most effective chemotherapeutic regimen for cancer patients. New investor, Longitude Venture Partners, L.P., led the round and was joined by existing investors Adams Capital Management, Quaker BioVentures, Birchmere Ventures, TVM Capital, and Draper Triangle Ventures.

"We are very pleased with this significant round of funding provided by Longitude Capital and the continuing support of our existing investors. The confidence shown by this group in ChemoFx as a tool that can have a significant impact on patient outcomes validates the hard work undertaken by the company in the last few years," said Sean McDonald, President and CEO of Precision Therapeutics. "This funding will allow us to expand our penetration of the market and aggressively pursue new programs that will further enhance a physician's ability to determine individualized therapy regimens for patients in need."

The ChemoFx Drug Response Marker is a laboratory test that determines how an individual patient's cancer cells will respond to different chemotherapy agents prior to initiating chemotherapy. Using ChemoFx to help select treatment can lead to better clinical outcomes while reducing exposure to toxic, ineffective chemotherapeutic agents. Clinical trials have demonstrated the potential for 1.4 times longer overall survival and a two- to three-fold improvement in progression-free cancer survival when ChemoFx is used in advance of making a therapeutic choice.

"Precision Therapeutics is great example of the type of diagnostic company we will invest in," said Dr. David Hirsch, who is a Principal at Longitude Capital and will join Precision Therapeutics' Board of Directors. "The ChemoFx test provides physicians with clinically meaningful information that improves patient care while also reducing total system costs. We were further impressed by the test's initial adoption and the company's experienced management team."

"ChemoFx has already been proven to give physicians an advantage when selecting therapy for patients with ovarian cancer. This funding will enable Precision to broaden their education efforts to physicians who can use this tool to make treatment decisions that have a higher likelihood of success," said Richard Kollender, Precision Therapeutics Board Member and Partner at Quaker BioVentures.

About Precision Therapeutics

Precision Therapeutics is a diagnostics services company dedicated to providing physicians and patients with actionable clinical information to personalize cancer treatments. Precision Therapeutics is a leader in the development and delivery of treatment support tools that assist physicians and benefit cancer patients. For more information visit www.precisiontherapeutics.com, call 800-547-6165 or email info@precisiontherapeutics.com.

About Longitude Capital

Longitude Capital is a venture capital firm that invests in medical device and biotechnology companies developing products that address important unmet medical or economic needs in the life sciences industry. Longitude's investment team has more than 100 years of industry experience and has invested in over 100 life sciences companies. Longitude raised its inaugural fund, the $325,000,000 Longitude Venture Partners, L.P., in 2008 and has offices in Menlo Park, California and Greenwich, Connecticut. For more information on Longitude Capital, visit www.longitudecapital.com.


'/>"/>
SOURCE Precision Therapeutics Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Precision Optics Corporation Announces Fourth Quarter and Year End Results With Highest Revenues in Six Years
2. Varian Medical Systems to Unveil RapidArc(TM) Volumetric Arc Therapy and Other Products Designed to Speed Delivery of Precision Radiotherapy and Brachytherapy
3. New Generation Xcelodose(R)S Precision Drug Powder Micro-filling System Offers 50% Increased Throughput
4. Precision Optics Corporation Announces First Quarter Results and Receipt of Significant New Order
5. Oracle Healthcare Acquisition Corp. and Precision Therapeutics, Inc. Agree in Principle to Amend Merger Agreement to Reduce Consideration by 15%
6. Oracle Healthcare Acquisition Corp. and Precision Therapeutics, Inc. Mutually Terminate Merger Agreement; Oracle Healthcare Acquisition Corp. Cancels Special Meeting
7. Precision Therapeutics Adds 8 Million Covered Lives Under Contract
8. Applied Precision Announces Sale of Life Sciences Business Unit to Senior Management and Telegraph Hill Partners
9. Precision Therapeutics President and CEO Sean McDonald Named Ernst & Young Entrepreneur of the Year(R) 2008 Regional Award Winner
10. Vapotherm(R) Precision Flow(TM) Receives FDA 510(k) Clearance
11. Prime Therapeutics Receives TIPPS Certification
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/28/2017)... ... April 28, 2017 , ... Somnoware, a leading ... Word(TM) Online(TM), which enables sleep physicians to create and edit their interpretation reports. ... and provides a familiar interface that does not require additional training to use. ...
(Date:4/28/2017)... Grants Pass, OR (PRWEB) , ... April 28, ... ... Adetutu Ijose, http://www.foodsthathealdaily.com , http://www.wiredlifesolutions.com , “Computers are everywhere and ... Kleyne Hour Power of Water, Global Climate Change and Your Health on Voice ...
(Date:4/28/2017)... ... April 28, 2017 , ... The Texas Cord Blood ... to the labor and delivery team at Women’s Hospital at Renaissance in Edinburg for ... birth at the hospital and decide to donate. , “Women’s Hospital at Renaissance ...
(Date:4/28/2017)... ... ... Pastor and Overseer at The House of Yahweh in Abilene, Texas, has published a new ... not. Yisrayl says with so many titles and names for the Creator, it’s hard ... a little Scripture, backed with a lot of research, the truth is undeniable. , ...
(Date:4/28/2017)... , ... April 28, 2017 , ... NuevaCare, a leading ... diverse as Millbrae, Burlingame, and Palo Alto, is proud to announce information upgrades to ... to bookmark and read organized content on topics such as home care (generally) as ...
Breaking Medicine News(10 mins):
(Date:4/20/2017)... 20, 2017  RXi Pharmaceuticals Corporation (NASDAQ: RXII), ... address significant unmet medical needs, today announced that ... consumer product development program, based on its proprietary ... Investigative Dermatology (SID) 76 th Annual Meeting.  ... the sciences relevant to skin health and disease ...
(Date:4/20/2017)... --  ZappRx, Inc ., a digital health company focused on ... it closed $25 million in Series B funding led by ... Seattle that is part of a ... B round included participation from SR One , who ... (formerly Google Ventures). As part of the financing, ...
(Date:4/20/2017)... , April 20, 2017 Eyevensys, ... the first non-viral gene expression technology that enables the ... eye to address a wide range of ophthalmic diseases, ... and Healthcare products Regulatory Agency (MHRA) to advance its ... ...
Breaking Medicine Technology: