Chronix Biomedical Completes $1.8M Series E Financing

Chronix Biomedical, a San Jose, CA-based developer of disease-specific biomarkers based on DNA fragments that are released into the bloodstream by damaged and dying (apoptotic) cells, has completed a $1.8m Series E financing from existing and new investors.
As stated by Dr. Howard Urnovitz, CEO of the company, funds from this financing helped Chronix complete proof-of-concept studies confirming that its apoptotic DNA blood tests can accurately detect multiple cancers at early stages. These studies culminated in the filing of two key patent applications on the use of its technology for the detection of breast and prostate cancer.
The company recently launched a testing service “For Investigational Use Only” that enables cancer researchers to monitor the status of patients in their clinical trials with a high level of sensitivity and specificity. Commercial applications for veterinary use of the technology, including tests for the early detection of BSE, or mad cow disease, are in development in conjunction with the University of Calgary.
John DiPietro, CFO of Chronix added that, in view of the multiple potential applications for the technology, the company “has now initiated a significantly larger financing that will be used to accelerate the commercialization process”.
Chronix also operates research facilities in Germany.

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