 |
| ClariCore handpiece--Courtesy of Precision Biopsy |
Precision Biopsy has raised $33.6 million to develop and commercialize its ClariCore Biopsy System, which is intended to offer a more accurate alternative to ultrasound for guiding prostate biopsies. That's expected to offer improved prostate cancer diagnosis and patient outcomes, as well as reduce the complications associated with biopsy.
The system conducts a real-time spectral analysis during a biopsy to identify prostate cancer tissue as normal or suspicious. The system could reduce the number of core samples taken by up to 90%, the company said. In addition, it's expected to improve upon the error rate typically offered by the standard transrectal ultrasound-guided prostate biopsies, which it said misses as much as 30% of prostate cancers.
"Precision Biopsy aims to offer a win-win to healthcare systems worldwide: physicians and patients will receive real-time information and detection, enabling better patient management decisions while helping the healthcare system overall run more efficiently and cost effectively," said Allied Minds SVP Omar Amirana in a statement. "This successful fundraising will help to accelerate its commercial expansion and marks a significant increase in the value of Allied Minds' holdings in the company."
 |
| ClariCore console--Courtesy of Precision Biopsy |
The company is a subsidiary of U.S. science and tech commercialization group Allied Minds. Woodford Investment Management led the financing with a $15 million investment, while Allied Minds kicked in about $16.6 million and holds about 68% of the company. The round valued Precision Biopsy at more than $90 million.
A first-generation ClariCore system was developed in 2011, with the first evaluation in humans in 2012. The technology is licensed from the University of Colorado. The ClariCore system is currently in Phase I and Phase II testing, with the goal of submitting for a PMA approval.
"We believe that the ClariCore system will help to improve the diagnostic process for millions of patients who undergo biopsy procedures each year to monitor for prostate cancer, the second-most deadly cancer in men after lung cancer," said Precision Biopsy CEO Amir Tehrani.
- here is the statement