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Funding will further develop a breakthrough diagnostic platform, producing comprehensive risk prediction for the development of esophageal cancer in patients with Barrett's Esophagus
PITTSBURGH, Pa. – Cernostics, a diagnostics company focused on delivering next generation cancer diagnostics and prognostics through a unique approach to tissue analysis, announced today that it has raised $1.4 million in Series B funding. Original investors participating in this round of funding include Novitas Capital, Geisinger Health System and the Pittsburgh Life Sciences Greenhouse. To date Cernostics has raised more than $6 million from a variety of sources including grants and investment dollars, which supports ongoing product development.
The new funds will be used to accelerate the development and commercial sale of Cernostics' lead product, TissueCypher™ Barrett’s Esophagus Assay. Most current diagnostic approaches offer a limited view of cancer because they fail to evaluate the tumor as a system composed of multiple, interacting cell types, not merely tumor cells. The TissueCypher™ Barrett’s Esophagus Assay uniquely quantifies whole slide digital images, providing greater information and accuracy compared to traditional subjective tissue diagnostics. This unique technology platform will help to eliminate uncertainty related to the treatment of Barrett's Esophagus and will provide actionable information to gastroenterologists and pathologists.
"Cernostics represents an exciting investment opportunity, as it addresses a large and growing market for advanced cancer diagnostics," said Paul Schmitt, Managing Director, Novitas Capital. "We understand that the TissueCypher™ technology platform will fundamentally change both the way the medical community looks at cancer cells and the way patients with Barrett's Esophagus are managed."
Esophageal cancer is one of the fastest growing cancers (by incidence) in the world, increasing by more than 500 percent since the 1970s. This dramatic increase in esophageal cancer incidence closely tracks with increases in obesity and chronic gastrointestinal reflux (GERD) in western countries.
"Closing our Series B round is a significant achievement for Cernostics," said Mike Hoerres, Chief Executive Officer of Cernostics. "We have now completed early clinical validation of our lead product, a diagnostic test predictive for the development of esophageal cancer in high risk patients with Barrett's Esophagus. This funding enables us to take our next steps towards commercialization, both for our lead Barrett's Esophagus product, and the other products in our pipeline."
To learn more about Cernostics and its product pipeline, please visit www.cernostics.com.
Cernostics is focused on delivering next generation cancer diagnostics and prognostics through an innovative approach to tissue analysis – the evaluation of the tumor as a system composed of multiple interacting cell types, including tumor, immune, and stromal cells. Its patent-protected technology platform, TissueCypher™, uniquely analyzes whole slide digital images with multiplexed fluorescence, and is designed to provide greater information and accuracy than traditional tissue diagnostics. Cernostics' lead product, TissueCypher™ Barrett’s Esophagus Assay, will deliver the most comprehensive evaluation of esophageal cancer risk for Barrett's Esophagus patients currently available, providing actionable information to gastroenterologists and pathologists. For more information, visit www.cernostics.com.
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