Precision Therapeutics adds $20M in VC funds
Pittsburgh-based Precision Therapeutics has raised $20 million in venture capital, with Quaker BioVentures taking the lead role. Precision will use some of the money to commercialize a diagnostic tool for selecting the right chemotherapy treatment for patients. Precision Therapeutics says it will double its staff of 35 by year's end, including new hires in sales. Money will also go to fund new trials in ovarian cancer research. No IPO is in the offing, at least for now.
"Some companies have already gone public with similar business models, so a lot of people are very excited about us and see that there are companies that can bring personalized medicine to reality," said CEO Sean McDonald.
- here's the report from the Pittsburgh Business Times
PLUS: Supernus Pharmaceuticals of Rockville, MD has raised an additional $17.5 million in a second closing of its first round of venture capital. Release
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