Allegro Diagnostics Closes on $5.4M Financing Proceeds to Support Commercialization of BronchoGen™ Genomic Test for Early Detection of Lung Cancer
MAYNARD, Mass.–(BUSINESS WIRE)– Allegro Diagnostics today announced that it has closed a $5.4M Series A extension financing. The company’s existing venture investors, Kodiak Venture Partners and Catalyst Health Ventures, participated in the round. The company has developed a molecular testing platform that utilizes gene expression of normal epithelial cells in the respiratory tract to detect early signs of lung cancer. Proceeds from the financing will support the commercialization of Allegro’s lead genomic test, BronchoGen™, in 2012.
“This support from our existing investors reflects their enthusiasm for Allegro’s focus on early lung cancer detection,” said Michael D. Webb, President and CEO of Allegro Diagnostics. “Approximately 300,000 bronchoscopic exams are performed each year, but the majority of the results are inconclusive. As a consequence, most individuals with suspected lung cancer do not receive a definitive diagnosis, and therefore may not receive treatment until it is too late. The BronchoGen genomic test has been developed to fill this gap. When used alongside standard bronchoscopy procedures, BronchoGen is intended to provide additional critical diagnostic information much earlier in the diagnostic process.”
“Allegro is leading a new paradigm for lung cancer management by introducing the potential for early detection, and we believe that this approach has great promise both clinically and commercially,” said Andrey Zarur, Managing Partner at Kodiak Venture Partners. “Lung cancer is the leading cancer killer, and, unfortunately, 70% of patients are not diagnosed until they have progressed to late-stage disease. BronchoGen is designed to support earlier diagnosis, which may potentially reduce mortality and healthcare costs.”
About the Allegro Platform
Allegro Diagnostics’ molecular testing platform utilizes gene expression of normal epithelial cells in the respiratory tract to detect early signs of lung cancer. The “field of injury” principle on which the platform is based refers to the common molecular response that occurs throughout the respiratory tract in current and former smokers with lung cancer. These changes can be detected in a gene expression signature from non-malignant airway cells and indicate the presence of malignancy remotely in the lung. Allegro has applied this platform to generate multiple product candidates.
About Allegro Diagnostics
Allegro Diagnostics is a molecular diagnostics company focused on the development and commercialization of innovative genomic tests for the diagnosis, staging and informed treatment of lung cancer and other lung diseases. Allegro has developed a molecular testing platform that utilizes a genomic biomarker to detect early signs of lung cancer in current and former smokers. The company’s lead product is the BronchoGen™ genomic test for use in combination with standard bronchoscopy for the early diagnosis of lung cancer. www.allegrodx.com
MacDougall Biomedical Communications
Jennifer Conrad, 781-235-3060
Source: Allegro Diagnostics
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