Inanovate, Inc., a Raleigh, N.C., and Sioux Falls, South Dakota-based life science company specializing in the development of blood tests for cancer and autoimmune diseases, secured an initial closing of $3.1m on a Series C financing round.
The round was led by South Dakota Equity Partners, Mr. T. Denny Sanford, and Sanford Frontiers, a corporate affiliate of Sanford Health.
The company intends to use the funds to accelerate the development of its breast cancer blood test.
Led by CEO David Ure, Inanovate is advancing a breast cancer blood test, which aims to identify false positives from screening mammograms and reduce costly, stressful, and unnecessary follow-up imaging.
The Inanovate blood tests work by detecting antibodies in a patient’s blood that have been associated with breast cancer. Because the antibodies circulate in the blood, a simple blood draw can be evaluated to discover if the disease might be present. To analyze this blood draw, the company uses their patented biomarker analysis platform: The BioID-800. The machine is compact, fully automated, fits on a bench top and uses disposable test cartridges.
The test is part of a larger plan from the company, which also includes a second test that aims to monitor the progress of breast cancer patients through therapy and beyond, and identify a recurrence event in its earliest stage, when it may be more effectively treated and cured.
The investment builds on a strong year for Inanovate, which included a $2 million Phase 2 SBIR grant from the National Cancer Institute, along with a licensing and collaboration agreement with Sanford Health that provides access to intellectual property relating to a set of breast cancer biomarkers, in addition to patient recruitment and sample access for Inanovate’s trials.
A second closing of the Series C investment round is anticipated for the second quarter of 2019.