OncoDiag, a Miserey, near Evreux, France-based company specializing in the development of diagnostic tests for the early detection of cancer, raised €2.5m ($3M) in Series A funding.
Of this, €1.5m ($1.8m) was from Angels Santé, Business Angels des Grandes Ecoles (BADGE), Normandie Business Angels (NBA), Paris Business Angels (PBA), and the Société de Financement de l’Innovation Numérique en Essonne (SFINE). The Region of Normandy also contributed to this round of financing and will be joining the pool of investors, via Normandie Participations. Each investor will have a representative sitting on OncoDiag’s supervisory board. This financing round will be supplemented by €1m ($1.2M) in loans and subsidies, granted by Bpifrance and the Region of Normandy.
The funds will allow OncoDiag to market its Urodiag diagnostic test in France and to expand its international presence, in particular in Europe, the United States, Canada and Japan.
Led by Claude Hennion, co-founder and CEO, OncoDiag specializes in the development and marketing of innovative solutions for the screening, diagnosis and monitoring of cancer, with a focus on bladder, colorectal and prostate cancer. The company is working on the validation of two new diagnostic tests:
– Prostadiag for the detection of localized prostate cancer and
– Colodiag for the detection of colorectal cancer.
The Urodiag urine test, which is in the process of going to market, is designed to offer early detection of recurrent bladder cancer with the same level of diagnostic precision as a cystoscopy, the invasive form of testing currently used.
The Colodiag test, which is undergoing validation, is intended for use in systematic screening, via blood testing, for colorectal cancer.
Founded in 2013, the company currently has five employees.