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WEST LAFAYETTE, Ind. (Inside INdiana Business) – A West Lafayette-based life science diagnostics startup has closed initial funding of $ 1.8 million. Amplified Sciences, which develops diagnostics designed to detect debilitating disease faster, says the cycle has been completed with an investment from Chicago-based OCA Ventures. Amplified Sciences CEO Diana Caldwell said the funding will help validate the company’s leading diagnostic test for pancreatic cancer and bring it closer to commercialization.
In an interview with Inside INdiana Business, Caldwell said the firm’s management team decided to increase the maximum of the funding round, specifically to bring in OCA as an investor.
“[OCA] brings much more than capital. They have a track record in the life sciences, in particular a portfolio of diagnostics and our partnership has been phenomenal, both through the discussions on considering their participation in the cycle, due diligence and now join us. Caldwell said. “So that really made sense. It was the right partner at the right time… allowing, I think, a lot of potential deliverables for us that are critical as we complete this technical and clinical validation of our main test.
Amplified Sciences is based on a technology invented by co-founder Dr. Jo Davisson, professor of medicinal chemistry and molecular pharmacology at Purdue University. The company is focused on the early detection of some of the deadliest diseases.
“We know that with many of the most devastating diseases, be it cancer or others, early detection is essential for good treatment and our main test is focused on detecting cancer earlier. pancreas, ”Caldwell said. “So that’s where we focus first, but we have a chemistry platform that allows us not only to do this test, but hopefully do a lot more in the future that will be. all focused on earlier detection. “
Caldwell says the funding will help speed up recruiting efforts, including his recent hiring of Dan Sheik as director of research and technology. Additionally, the funding will help the company procure clinical samples as it moves towards clinical validation testing of diagnostic technology.
A little over a year ago The amplified sciences have won the Judge’s Choice and People’s Choice awards in the MedCity INVEST pitch competition. At the time, Caldwell said that while the competition didn’t come with a cash prize, winning puts the company ahead of potential investors.
“Amplified Science appeared on our radar by winning the MedCity News Diagnostic Track Pitch Competition in 2020. After due diligence, we determined that the company’s new technology was very promising and aligned with our investment theme. in precision diagnostics, ”Bob Saunders, general partner at OCA Ventures, said in a press release. “Of the more than 95 companies in our portfolio, 23 are in the healthcare industry. We believe Amplified Sciences complements our portfolio as it strives to detect pancreatic cancer earlier and help patients start treatment earlier.
Caldwell says the company hopes to reach commercialization of its diagnostic test for pancreatic cancer by early 2023.
The seed funding cycle spanned over a year, with additional investments from Purdue Ventures, Indiana University Ventures, IU Angel Network, New York-based Golden Seeds, Houston Angel Network, Chemical Angel Network in California and Gravity Ventures in Indianapolis.
The company is based in the Purdue Research Park and its diagnostic technology was developed at the College of Pharmacy at Purdue and licensed by the Purdue Research Foundation Office of Technology Commercialization.
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