Ascendant DxTM Closes the Funding Round and the Board of Directors
$2 million in funding will help the biotech firm carry out clinical trials and commercialization of early breast cancer screening tests.
Average non-high risk American woman will undergo at least one, if not more, biopsy to evaluate a suspicious mass in her lifetime. Women in the high-risk population will undergo multiple biopsies as well as more frequent follow-up of breast imaging tests. The cost of biopsy and imaging follow-up in the US exceeds $2 3B a year In an effort to provide an alternative to biopsy and reduce overall medical costs, Ascendant Dx’s first product, MelodyDxTM, will be a panel of biomarkers that distinguishes malignant breast mass from benign tissue.
‘MelodyDx is a patented biomarker panel that distinguishes differences in proteins present in human tears in order to detect breast cancer,’ says Omid Moghadam, CEO of Ascendant Dx. ‘The objective of our screening tool is to improve the detection of breast cancer at earlier stages. Closing this round will help us bring this and other innovative new diagnostic tests on the market, starting with our breast screening product. ”
Investors in the oversubscribed round include a mix of strategic and private investors, the Arkansas Economic Development Authority, and the Arkansas Science and Technology Administration. In addition to completing its successful funding round, Ascendant Dx has also expanded its Board of Directors.
Recently appointed Board Member Brigitte Piniewski, MD, is Chief Medical Officer of PeaceHealth Laboratories, Vancouver, Washington, DC. The other new appointee, Ran Whitehead, who will serve as Observer Board, is Chief Executive Officer of PeaceHealth Laboratories. PeaceHealth Laboratories operates in Oregon, Washington, Alaska, and offers specialized laboratory testing across the United States.
‘The addition of two senior executives from PeaceHealth Laboratories, an organization known for innovation in high-complexity clinical diagnostics, will contribute to our success in launching new tests on the market,’ notes Moghadam. The new members will bring the total number of board members to five.
Ascendant Dx, a biotech company based in Arkansas, develops and markets high-value diagnostic proteomics tests. The firm focuses on areas of diagnosis where final diagnostic tests are not yet available. Ascendant tests combine the latest discoveries in proteomics with proven diagnostic platforms, aimed at tests that are simpler, more accurate and widely available. Ascendant Dx, LLC is a portfolio company of VIC Technology Venture DevelopmentTM
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