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:6/27/2016)... ... ... TherapySites, the leading website and online marketing ... Association. This new relationship allows TherapySites to continue to extend their online ... and promotional offers. , "TCA is extremely excited about this new partnership, as ...
(Date:6/27/2016)... ... ... TopConsumerReviews.com recently awarded their highest five-star rating to Best Buy Eyeglasses, an ... United States and Canada wear eyeglasses. Once considered to be a purely functional part ... fashion statement. Even celebrities use glasses as a way of creating an iconic image—like ...
(Date:6/26/2016)... ... June 26, 2016 , ... Pixel Film Studios Released ProSlice Levels, ... editors can give their videos a whole new perspective by using the title ... Pixel Film Studios. , ProSlice Levels contains over 30 Different presets to choose ...
(Date:6/26/2016)... ... June 26, 2016 , ... Many women are confused ... endometriosis. These women need a treatment plan to not only alleviate symptoms and ... help for preservation of fertility and ultimately achieving a pregnancy. The specialists at ...
(Date:6/25/2016)... ... , ... The temporary closing of Bruton Memorial Library on June 21 due to a possible ... often overlooked aspect of head lice: the parasite’s ability to live away from a human ... but a necessary one in the event that lice have simply gotten out of control. ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... -- , , , WHEN: , ... , , , LOCATION: , , , Online, with free ... EXPERT PANELISTS:  , , , Frost & Sullivan,s Global Vice President ... Industry Analyst, Divyaa Ravishankar and Unmesh Lal, Program Manager , ... is witnessing an exceptional era. Several new demand spaces, such as ...
(Date:6/23/2016)... , June 23, 2016  Guerbet announced today ... Inc.,s Supplier Horizon Award . One ... Guerbet was recognized for its support of Premier members ... through clinical excellence, and commitment to lower costs. ... receive this recognition of our outstanding customer service from ...
(Date:6/23/2016)... -- The Biotechnology industry might still be ... opportunities to investors. Stock-Callers.com assesses the recent performances of ... XON ), Vertex Pharmaceuticals Inc. (NASDAQ: ... ), and Regeneron Pharmaceuticals Inc. (NASDAQ: REGN ... complimentary trade alerts at: http://stock-callers.com/registration ...
Breaking Medicine Technology: