Navigation Links
Precision Therapeutics Secures $43 Million in Venture Capital Funding

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, call 800-547-6165 or email

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

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:
(Date:10/12/2017)... ... October 12, 2017 , ... The American College of Medical ... Friedman, PhD, FACMI, during the Opening Session of AMIA’s Annual Symposium in Washington, D.C. ... honor of Morris F. Collen, a pioneer in the field of medical informatics, this ...
(Date:10/12/2017)... ... October 12, 2017 , ... Information about the technology: , ... to enable prevention of a major side effect of chemotherapy in children. Cisplatin ... patients. For cisplatin, hearing loss is FDA listed on-label as a dose limiting ...
(Date:10/12/2017)... ... 2017 , ... HMP , a leader in healthcare events and education, today ... Digital Award for ‘Best B-to-B Healthcare Website.’ Winners were announced during the Eddie & ... award competition recognizes editorial and design excellence across a range of sectors. This year’s ...
(Date:10/12/2017)... , ... October 12, 2017 , ... On Saturday, October ... treadmill relay – Miles by Moonlight to raise money for the American Heart Association ... more. , Teams will work together to keep their treadmills moving for 5 ...
(Date:10/12/2017)... ... ... Health Literacy Innovations (HLI), creator of the Health Literacy ... Patient Education Network (CPEN), an independent professional organization that shares best practices in ... , As CPEN’s strategic partner, HLI will help support CPEN members by sharing ...
Breaking Medicine News(10 mins):
(Date:10/11/2017)... , Oct. 11, 2017  BioPharmX Corporation (NYSE ... team that developed an innovative way to use nonlinear ... the delivery of new drugs. ... Clinical Dermatology Conference will show how researchers from BioPharmX ... Harvard Medical School used a suite of imaging techniques ...
(Date:10/11/2017)... CHICAGO , Oct. 11, 2017  Hill-Rom Holdings, ... its Aspen Surgical facility in Las Piedras, ... surgical scalpels and blades. ... confirmed that the facility sustained minor structural damage, temporary ... Hurricane Maria. Repairs have been completed, manufacturing operations have ...
(Date:10/7/2017)... , Oct. 6, 2017   Provista, a ... than $100 billion in purchasing power, today announced a ... information. The Newsroom is the online home ... trends, infographics, expert bios, news releases, slideshows and events. ... to a wealth of resources at their fingertips, viewers ...
Breaking Medicine Technology: