Precision Biopsy, a Boston, MA-based start up that aims to commercialize an optical biopsy technology designed to improve the accuracy and reliability of prostate biopsies and the diagnosis of prostate cancer, has closed a $2.5m funding round.
The company, which was formed by Allied Minds in cooperation with the University of Colorado, intends to use the funds to complete the product development phase in preparation for market introduction.
Precision Biopsy’s technology is designed to improve cancer detection rates and focus therapy only where the cancer lesions exist instead of the entire prostate gland.
In conjunction with the funding, Amir Tehrani, former CEO of Amaranth Medical and 20 year industry executive, has joined the company as Executive in Residence and and General Manager. He will support Precision Biopsy’s efforts in transitioning the company toward commercialization.