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:8/22/2017)... ... ... past six years, Lightning Labels has sent out a call for users of its custom ... creativity of their designs. Submissions this year were open from May 18 to July 1 ... winners of the sixth annual Photo Contest, along with the prizes they've received:, ...
(Date:8/22/2017)... ... August 22, 2017 , ... “Wilderness Voices”: a collection ... travel. “Wilderness Voices” is the creation of published author, Martha McKown, an ordained ... was inspired as a very young child when her older sisters studied High School ...
(Date:8/22/2017)... ... , ... TopConsumerReviews.com recently gave a best-in-class 5-star rating to Energy NADH, a ... of modern life continually makes more demands on time and energy, people are finding ... people in vicious high/low cycles and can also cause long term health issues. More ...
(Date:8/21/2017)... ... August 22, 2017 , ... ... I. Stevens as a 2017-2018 inductee into its VIP Woman of the ... NAPW is the nation’s leading networking organization exclusively for professional women, boasting more ...
(Date:8/21/2017)... ... 2017 , ... Marathon running has surged in popularity in ... running increases exposure to ultraviolet radiation, a carcinogen that promotes skin cancer. Studies ... half may be adequately protecting themselves with proper clothing and sunscreen. , ...
Breaking Medicine News(10 mins):
(Date:8/2/2017)... , Aug. 2, 2017 ... Who,s Who as a Pinnacle Lifetime Professional in ... Key Account Manager at Turing Pharmaceuticals, AG. Her ... troubleshooting and relationship building.                ... more than 25 years of experience as a ...
(Date:7/31/2017)... Pharmacy, Inc. (NYSE: DPLO), has been named one of the ... Crain,s Detroit Business . The annual Crain,s Fast ... growth. This year,s edition measures growth from 2013 to 2016. ... list, visit crainsdetroit.com/awards/fast_50/2017 .  "Being named ... Phil Hagerman , CEO and chairman of Diplomat. "We,ve made ...
(Date:7/27/2017)... 2017  Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH) ... 30, 2017.  The Company reported second quarter net sales ... prior year period, and an increase of 2.1% on ... of contribution from the LDR Holding Corporation acquisition, second ... of 2016, or 0.3% on a constant currency basis. ...
Breaking Medicine Technology: