Startup Integrated Diagnostics has reeled in another $10 million to fuel further clinical work on its in vitro proteomic-based diagnostics programs, with an eye toward hitting the commercial market in 13 months or so.
InterWest Partners, The Wellcome Trust and BioTechCube Luxembourg supplied the funding for what is the third and final segment of $30 million in Series A financing announced in 2009, months after biotech pioneer Lee Hood launched the company. (Integrated Diagnostics also has a nickname, too--call it "InDi"--according to its announcement.)
Beyond diagnostics, the funding will help fuel the company's development of molecules--known as protein-catalyzed capture agents--for both in vivo molecular imaging and potential treatments. As Xconomy explains in a story about the new cash infusion, Integrated Diagnostics is focused on developing first-ever tests that spot blood-based proteins in order to reveal disease far earlier than existing diagnostics can, initially for lung cancer.
Plans also call for debuting a diagnostics test commercially in just over a year and a possible IPO soon after, CEO Al Luderer, who now has his executive team in place, told Xconomy. Along with the funding announcement, the company disclosed it hired Donald Seaton as its CFO and James Garner as chief business officer, filling out its executive team.
"We're in great shape for the year ahead," Luderer said, as quoted by Xconomy. Hood developed his initial research regarding protein blood markers at The Institute for Systems Biology.
- here's the release
- read FierceBiotech's take
- check out Xconomy's coverage