CanDiag, Inc., a Charlotte, NC-based company focused on early-stage breast cancer detection, has closed on over $500k in angel financing.
Founded in 2011 by Professor Dr. Pinku Mukherjee (CEO and Chief Scientific Officer) as a University of North Carolina at Charlotte (UNC Charlotte) spin-out, the company holds an exclusive license from the university to a patent-pending tumor antibody with diagnostic applications for a wide variety of cancer patients.
CanDiag used the fund to meet a key due diligence milestone as part of its license agreement with UNC Charlotte.
Initially focused on diagnostics, the company also holds an exclusive option to license the therapeutic rights to the tumor antibody.
The terms of the financing provide an option to the syndicate of angel investors to make an additional investment of over $1m within the next year.