PreciseDx Raises $10.75 Million Series A Preferred from Healthcare Industry Leaders to Commercialize Cancer Risk Stratification Services to Support Better Patient Insights and Outcomes
NEW YORK, Jan. 11, 2022 /PRNewswire/ — PreciseDx, the only Cancer Risk Stratification company to provide patient-specific risk information through the analysis of morphology features, announced that it has raised $10.75 million in Series A Preferred in 2021 funding to support the ongoing development and commercialization of its AI-powered risk stratification platform. Leveraging AI insights and data derived from high-volume, well-annotated study populations, PreciseDx offers breast cancer diagnostic test services, with a prostate cancer test in development. The use of morphology features to stratify cancer risk provides valuable insights into cancer treatment, attracting the attention of healthcare innovators. The Company also announced the appointment of industry veteran Wayne Brinster to Chief Executive Officer, which was effective September 2021. Brinster brings more than 30 years of executive leadership, product commercialization, and operations experience to the Company, including management positions at MedTest, Wheaton Industries / DWK, Synthon Pharmaceuticals, and Becton Dickinson.
The round was led by the Merck Global Health Innovation Fund (Merck GHI) with additional investment from a number of healthcare leaders and innovators, including Mount Sinai Health System, Agilent Technologies, IBM Ventures, and the Hobart Group. The funding will be used to support the development and commercialization of additional cancer diagnostics and clinical trial testing.
“I am excited to join PreciseDx at this important inflection point. PreciseDx was established to improve the quality of cancer treatment for all patients through our risk stratification platform. The level of patient-specific detail we can provide to oncologists and pathologists is compelling. The results we are seeing are so promising and risk stratification is so critical in selecting the proper cancer treatment that we are already attracting the attention of the healthcare industry,” said Brinster. “We are grateful for our investors and their support of the scientific excellence and research that has gone into our technology. We look forward to developing best-in-class tests and making them widely available.”
Based on research and technology developed at Mount Sinai, the PreciseDx Platform is the first risk stratification platform designed to leverage an AI-powered Morphology Feature Array™ to deliver patient-specific insights that aid in disease state characterization, enabling better treatment decisions and outcomes. Utilizing data derived from numerous studies, the PreciseDx Platform combines critical tissue-derived information with clinical data to create patient-specific risk profiles with predicted outcomes, assigned risk for disease progression and recurrence, and recommendations for patient management.
“Merck GHI is excited to support PreciseDx as they help accelerate the digitization of pathology,” said David M. Rubin, Ph.D., Managing Director, Merck GHI. “AI-enabled, personalized healthcare is the future. We believe the ability to create and leverage billions of novel data points has the potential to truly change cancer treatment.”
PreciseDx has a mission to improve cancer treatment and outcomes through data-driven, patient-specific pathology information unavailable through other means. Today, breast cancer accounts for more than 40,000 deaths each year. Globally, about 1 in 6 deaths is due to cancer.
“We look forward to working with PreciseDx as it aims to advance the cancer risk stratification technology to patients and society,” said Erik Lium, PhD, President, Mount Sinai Innovation Partners and Executive Vice President and Chief Commercial Innovation Officer, Mount Sinai Health System.
The cancer risk stratification technology above is based on intellectual property developed by Mount Sinai faculty and. Licensed to PreciseDx. Mount Sinai and Mount Sinai faculty have a financial interest in PreciseDx. Mount Sinai also has representation on the PreciseDx Board of Directors, including Dr. Erik Lium.
About PreciseDx
PreciseDx is the only Cancer Risk Stratification company to provide patient-specific risk information through the analysis of morphology features, enabling better and more personalized treatment and outcomes. Clinical teams can rely on PreciseDx for unmatched insights and actionable intelligence in determining the best treatment for each patient. Combining the power of artificial intelligence with its proprietary Morphology Feature Array™, PreciseDx creates disease-specific assays that deliver new levels of pathology information and insight on each patient’s risk profile and likely outcomes to aid in treatment decision-making. For more information, visit www.precisedx.ai
About Merck Global Health Innovation Fund
Merck Global Health Innovation Fund (Merck GHI) is evolving corporate healthcare venture capital globally by utilizing their healthcare ecosystem strategy. This investment strategy connects innovative companies with complementary technologies to develop integrated healthcare solutions. Merck GHI has $500M under management and provides growth capital to emerging healthcare technology companies worldwide while leveraging the vast R&D-based, global resources of Merck. With a vision that data will be the currency in healthcare, Merck GHI invests broadly in digital health. Merck GHI invests in platform companies with proven technologies or business models where Merck’s expertise and perspectives can accelerate revenue growth and enhance value creation. Since late 2010, Merck GHI has made over 50 investments in Digital Health companies. For more information, visit www.merckghifund.com
About the Mount Sinai Health System
The Mount Sinai Health System is New York City’s largest academic medical system, encompassing eight hospitals, a leading medical school, and a vast network of ambulatory practices throughout the greater New York region. We advance medicine and health through unrivaled education and translational research and discovery to deliver care that is the safest, highest-quality, most accessible and equitable, and the best value of any health system in the nation. The Health System includes approximately 7,300 primary and specialty care physicians; 13 free-standing joint-venture centers; more than 410 ambulatory practices throughout the five boroughs of New York City, Westchester, and Long Island; and more than 30 affiliated community health centers. The Mount Sinai Hospital is ranked in U.S. News & World Report’s “Honor Roll” of the top 20 U.S. hospitals and among the top in the nation by specialty: No. 1 in Geriatrics and top 20 in Cardiology/Heart Surgery, Diabetes/Endocrinology, Gastroenterology/GI Surgery, Neurology/Neurosurgery, Orthopedics, Pulmonology/Lung Surgery, Urology, and Rehabilitation. Mount Sinai Kravis Children’s Hospital is ranked in U.S. News & World Report’s “Best Children’s Hospitals” among the country’s best in four out of 10 pediatric specialties. New York Eye and Ear Infirmary of Mount Sinai is ranked among the Top 20 nationally for ophthalmology. The Icahn School of Medicine at Mount Sinai is one of three medical schools that have earned distinction by multiple indicators: ranked in the top 20 by U.S. News & World Report’s “Best Medical Schools,” aligned with a U.S. News & World Report “Honor Roll” Hospital, and No. 14 in the nation for National Institutes of Health funding. Newsweek‘s “The World’s Best Smart Hospitals” ranks The Mount Sinai Hospital as No. 1 in New York and top five globally, and Mount Sinai Morningside as top 20 globally, and “The World’s Best Specialized Hospitals” ranks Mount Sinai Heart as No. 1 in New York and No. 4 globally and the Division of Gastroenterology as No. 3 globally. For more information, visit https://www.mountsinai.org or find Mount Sinai on Facebook, Twitter and YouTube.
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