Predicta Biosciences, a Boston, MA-based precision oncology company developing diagnostic and therapeutic products, raised $5.2M in Seed funding.
The round was led by The Engine Ventures, with participation from Illumina Ventures, Time Boost Capital, the American Cancer Society Bright Edge and the Oetgen family. Jay Wohlgemuth, former CMO of Quest Diagnostics, Mara Aspinall, former CEO of Roche Tissue Diagnostics and Partner at Illumina VC, and Ann DeWitt, General Partner at The Engine Ventures, will join the company’s Board.
The company intends to use the funds to expand its team, and build a CLIA lab and workflow for sequencing and bioinformatics.
Led by CEO Kate Caves, CFO Joanne Bryce and SVP of Translational Research Aparna Raval, Predicta is building a diagnostic and monitoring platform that provides targeted information for diagnosis, treatment decisions and patient monitoring, and replaces bone marrow biopsies with simple blood draws. The company’s non-invasive diagnostic tests initially focus on multiple myeloma, a disease that develops from two asymptomatic precursors that can be identified and treated proactively. The company’s first product, GenoPredicta, provides more detailed and complete information on a patient’s multiple myeloma compared to existing market options, and offers sophisticated algorithmic analysis for risk stratification and treatment optimization. Currently, GenoPredicta is being used in a research capacity at Dana Farber, with plans to launch the diagnostic product commercially early next year.
Commenting on the news, Kate Caves said: “For precision medicine to succeed, we need to empower physicians with the tools and knowledge required to make informed decisions and provide the best possible care. Predicta is using blood-based multi-omics to more easily diagnose patients sooner, and enable personalized monitoring and treatment throughout their care journey.”
FinSMEs
16/07/2024