Medical diagnostics startup secures $9M in funding
A startup in the region developing cancer-detecting technology has secured additional financial support.
Armune BioScience in Kalamazoo, a medical diagnostics and prognostic testing company, has secured more than $9.09 million in funding to support the continued development and commercialization of its cancer-detection technology.
In a nearly $9.46-million financing round, the company raised roughly $9.09 million by selling securities to 46 investors, according to a Feb. 18 filing with the U.S. Securities and Exchange Commission.
As a privately held corporation researching and developing diagnostic and prognostic tests to improve cancer-detection and therapeutic effectiveness, Armune BioScience has been actively seeking equity investments to support commercialization intended for the health care industry.
Armune BioScience announced a first close of a $2.5-million Series A financing round in January 2015 after raising $1 million to support a laboratory and the product commercialization process.
One of the company’s early investors is Holland-based Grand Angels, and the startup is still considered in the angel investor group’s portfolio.
Last spring, the company launched its peer-reviewed product test known as Apifiny, a non-PSA blood test specifically designed to detect the presence of prostate cancer.
As of the beginning of 2016, Armune BioScience entered into a definitive agreement with Mavericks Capital as an advisor and investment bank and secured a contractual agreement to provide access to Apifiny with members within Fortified Provider Network, FedMed, USA Managed Care Organization, America’s Choice Provider Network and Vantari International.
The company has also expanded access to the test by signing a definitive agreement with Accu Reference Medical Laboratory and ARCpoint Labs to offer Apifiny across their respective networks.
Armune BioScience’s technology is intended to personalize treatment decisions for patients with prostate, lung and breast cancer.
The company also has product development and commercialization laboratories located in Ann Arbor.
The company’s Apifiny blood test was developed after researching the immune system’s reaction to cancer, which was conducted at the University of Michigan under a Sponsored Research Agreement.