Cleveland Diagnostics, a Cleveland, OH-based clinical-stage biotechnology company developing diagnostic tests for the early detection of cancers, raised $75M in funding.
The round was led by Novo Holdings, with participation from existing investors as well as a credit facility from Symbiotic Capital.
Proceeds will accelerate the commercial strategy of IsoPSA, fund expanded infrastructure and R&D pipeline development, and broaden the geographic scope of its novel IsoPSA prostate cancer test.
Led by CEO Arnon Chait, Cleveland Diagnostics is a cancer biotechnology company whose Solvent Interaction Analysis™ (SIA) technology investigates protein biomarkers at the structure level (as opposed to mere biomarker concentration) in blood, providing more clinically relevant insights regarding the protein origin on the cellular level. Cleveland Diagnostics’ portfolio of non-invasive cancer diagnostics will soon expand beyond its novel IsoPSA prostate cancer test to breast cancer, lung cancer, and other diseases.
In connection with the financing, Noel Jee, Partner on the Growth Investments team at Novo Holdings US, will join the Cleveland Diagnostics Board of Directors.
Commenting on the news, Arnon Chait said: “We are pleased to have secured this growth capital and support from a mix of new and existing investors, exhibiting their confidence in our company’s growth potential and our ability to execute financial discipline as we anticipate increased test utilization and achievements of key clinical and regulatory milestones in 2024.”
FinSMEs
17/01/2024