Oncology diagnostics developer PreciseDx has raised $20.7 million in series B funding, bringing its total funding to date to $31.5 million.
The financing round was led by Eventide Asset Management, with additional participation from Labcorp, Quest Diagnostics, GenHenn Capital Venture, and existing investors. Aquilo Partners LP acted as financial adviser and McDermott Will & Emery as legal adviser to PreciseDx.
PreciseDx develops oncology diagnostics that use artificial intelligence (AI) for morphology-driven disease analysis.
In a statement, the New York-based firm said that it intends to use the funding to expand commercialization efforts for its PreciseBreast (PDxBr) diagnostic for breast cancer grading and risk assessment. PreciseDx has successfully completed two validation studies (analytical and clinical) on the AI-enabled diagnostic. PDxBr received both CLIA standard approval and Clinical Laboratory Evaluation Program (CLEP) approval from the New York State Department of Health in 2023.
