Precision Biopsy pulls in $33.6m

Precision Biopsy said today it raised $33.6 million in a new round of equity financing to support its ClariCore biopsy platform designed to provide prostate tissue classification during biopsy procedures.

Woodford Investment Management led the round, according to Aurora, Colo.-based Precision Biopsy, with investments from its parent company Allied Minds.

The ClariCore system is designed for the spectral analysis of tissue samples during biopsies to “rapidly classify” tissue as normal or suspicious using an optical fiber and companion console designed to minimize the number of samples taken by up to 90%, the company said.

“We are delighted to receive the support of leading institutional investors as we prepare to bring our ClariCore Biopsy System to market. We believe that the ClariCore system will help to improve the diagnostic process for millions of patients who undergo biopsy procedures each year to monitor for prostate cancer, the second-most deadly cancer in men after lung cancer,” CEO Amir Tehrani said in a press release.

Precision Biopsy said it is accelerating the development of its Focal Therapy program designed to deliver localized therapy to the prostate gland with similar technology used in its ClariCore system.

“Precision Biopsy aims to offer a win-win to healthcare systems worldwide: physicians and patients will receive real-time information and detection, enabling better patient management decisions while helping the healthcare system overall run more efficiently and cost effectively. This successful fundraising will help to accelerate its commercial expansion,” Allied Minds senior veep Dr. Omar Amirana said in prepared remarks.

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