Biotech visionary Lee Hood's startup Integrated Diagnostics has reeled in fresh capital to roll into commercial mode with its novel protein-catalyzed capture (PCC) agents. The molecules are in development as diagnostic and therapeutic agents, with the bold goal of being able to simultaneously detect myriad markers in a patient's blood to detect diseases such as lung cancer and Alzheimer's.
The Seattle-based company's $10 million tranche announced today wraps up its $30 million Series A round first revealed in 2009. With the company initially seeking to bring to market blood-based diagnostics, CEO Al Luderer told Xconomy that he expects the company's first commercial product to be available in a little more than a year. To bolster its commercial aspirations, the company has named Jim Garner its chief business officer and Guy Seaton as its CFO.
"As InDi moves swiftly towards commercialization, the third tranche demonstrates the progress we've made in validating our in vitro diagnostic programs as well as our novel class of diagnostic and therapeutic molecules," Luderer said in a statement. "In two short years, we have met our two main objectives: define a new in vitro proteomic diagnostic platform capable of answering previously unanswerable diagnostic questions and; demonstrate the feasibility of a new in vivo molecular diagnostic and therapeutic molecular class: PCCs."
The company's platform is based on work from Hood's lab at The Institute for Systems Biology and it has licensed tech from Caltech as well. Its lineup of venture backers includes InterWest Partners, The Wellcome Trust and the Grand Duchy of Luxembourg.
- here's the release
- get more in Xconomy's article