• Precision Therapeutics

  Participated · Series B · Feb 2006

  Precision Therapeutics' core product is the ChemoFX drug-marker test, which assays a patient’s cancer cells against multiple chemotherapy agents to identify the most effective treatments. The company raised $34 million in equity and options to further develop that personalized chemotherapy test, according to an SEC filing. The filing shows the round involved 45 investors and that the first sale occurred on May 25. Precision Therapeutics has previously raised venture capital, securing $43 million in late 2008 from a syndicate that included Pittsburgh‑based Birchmere Ventures, Adams Capital Management and Draper Triangle Ventures, as well as TVM Capital of Boston, Quaker BioVentures of Philadelphia and Longitude Venture Partners of Menlo Park. In mid‑2007 the company filed for an IPO but canceled those plans and later abandoned a planned reverse merger with Oracle Healthcare Acquisition Corp. The company was named the 64th fastest‑growing privately held healthcare company in the U.S. by Inc. Magazine last year. Precision Therapeutics’ core product is ChemoFx, an assay that grows cells from a small tumor biopsy, treats them with candidate chemotherapeutic agents, and measures tumor cell kill while accounting for patient genomic factors. Testing typically takes 10 to 15 days, and oncologists use results to guide treatment selection and avoid ineffective, toxic therapies. ChemoFx has been evaluated in multiple clinical trials, with completed and ongoing studies suggesting a potential two- to threefold improvement in progression-free survival when used. The company’s principal focus has been breast and ovarian cancer, and with new funding it plans to expand clinical initiatives into other tumor types including colon and lung. Precision has about 38 employees and intends to use funding to support additional clinical studies and early commercialization of ChemoFx.

No current team members are available.