Funds for test, aimed at markets where current screening tests are not widely available, will support introduction in India
POC Medical Systems has raised $21 million in Series A funding for clinical beta testing and initial commercialisation of a rapid, portable breast cancer screening test, MammoAlert based on its Pandora CDx Microfluidics-based platform. This investment round was led by BioVentures Investors and joined by Sirius America Insurance Company, IFG Healthcare and MIA Investment.
The blood-based test is designed to enable breast cancer screening broadly in regions such as India, where the test will be launched initially, where established screening methods are not widely accessible to large populations of women. The test is the first application of the company’s platform.
Marc Goldberg, MD, BioVentures Investors commented, “POC’s disruptive technology will lead to more women around the world being screened on a timely basis, and thereby, make a profound difference in both their lives and in their countries’ healthcare systems.”
Sanjeev Saxena, Chairman and CEO, POC Medical Systems, “Our immediate priority is to set-up a pilot manufacturing plant at the company’s headquarters in California and, following receipt of a CE Mark, launch the breast cancer screening system in India.” He noted that the company expects to receive a CE Mark by march of 2017.