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Inanovate, Inc., a life science company based in Raleigh, NC and Sioux Falls, South Dakota, specializing in the development of blood tests for cancer and autoimmune diseases, achieved an initial closing of $ 3.1 million dollars on a round of C Series financing.
The group was led by South Dakota Equity Partners, MT Denny Sanford, and Sanford Frontiers, an affiliate of Sanford Health.
The company plans to use these funds to accelerate the development of its bad cancer blood test.
Under the leadership of David Ure, Executive Director, Inanovate offers a bad cancer screening test that aims to identify false positive screening mammograms and reduce costly, stressful and unnecessary follow-up images.
Inanovate blood tests detect antibodies badociated with bad cancer in a patient's blood. Because antibodies circulate in the blood, a simple blood test can be done to determine if the disease may be present. To badyze this blood test, the company uses its patented biomarker badysis platform: BioID-800. The machine is compact, fully automated, installs on a bench and uses disposable test cartridges.
The test is part of a larger plan of the company, which also includes a second test that aims to monitor the progress of bad cancer patients during treatment and beyond, and to identify a recurrence event. at an early stage, when it can be treated more effectively. and healed.
Investment builds on a good year for Inanovate, which included a US $ 2 million SBIR Phase 2 grant from the National Cancer Institute, as well as a license and collaboration agreement with Sanford Health giving access to intellectual property linked to a set of biomarkers of bad cancer, in addition to patient recruitment and access to samples for Inanovate trials.
A second closing of the Series C investment cycle is scheduled for the second quarter of 2019.
FinSMEs
04/04/2019
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