ProteoMediX Raises CHF 5.2 million in Financing Round
ProteoMediX AG, a diagnostic company developing blood-based tests for the accurate diagnosis and prognosis of prostate cancer, has announced the successful closing of an equity financing round. The company raised CHF 5.2 million (€ 4.6 million) from existing investors.
Altos Venture (Allschwil, Switzerland), a Swiss venture capital firm chaired by Dr. Walter Fischli (cofounder of Actelion), led the financing round. All existing investors participated in this round, including Zürcher Kantonalbank and several private investors experienced in life science investments. Including the funds from this new round, ProteoMediX has raised a total of CHF 17 million (€ 15 million) in equity.
The new funds will enable ProteoMediX to continue the market preparations and start with the market
development of its lead product for prostate cancer diagnosis. The blood-based test is intended as an
aid in the diagnosis of prostate cancer, i.e. to inform men with elevated PSA (prostate specific antigen)
about the likelihood of having prostate cancer. ProteoMediX’ test is based on a proprietary protein
signature and addresses the problem of prostate cancer overdiagnosis resulting in numerous negative
prostate biopsies and potential side effects such as infections or bleeding. The goal is to significantly
reduce these negative biopsies (today, more than half of all prostate biopsies are negative). The
promising results of several clinical studies showed that ProteoMediX’ test has the potential to
significantly reduce overdiagnosis and identify high-grade cancer with high accuracy.