BU Startup Allegro Diagnostics Closes $4 Million Round to Develop and Commercialize Lung Cancer Molecular Diagnostics Based on Gene Expression
Jerome Brody, MD Joins Company as Chief Scientific Officer
February 27, 2008 – Allegro Diagnostics, a leader in the field of molecular diagnostics for lung cancer, has announced completion of $4 million in Series A financing. Kodiak Venture Partners led the round and was joined by Catalyst Health Ventures and Boston University. Allegro Diagnostics will develop and commercialize molecular diagnostic products based on gene expression technology developed by Jerome Brody, MD and Avrum Spira, MD, MSc within the Pulmonary Center at the Boston University School of Medicine. Jerome Brody, MD, formerly head of the Pulmonary Center, has joined Allegro Diagnostics as the company’s Chief Scientific Officer.
“We are truly fortunate to have a team with world class science and financial backing from outstanding venture partners,” said Dan Rippy, President & CEO of Allegro Diagnostics. “The Series A financing will enable us to take our first product, based on intellectual property developed at the Boston University School of Medicine, into the clinic to provide earlier, more accurate diagnosis of suspected lung cancer for patients and their doctors. The clinical community considers earlier identification of lung cancer a major unmet need in treating the disease, so our diagnostic should provide major benefit.”
Allegro Diagnostics (formerly ExProDx) was BU’s first Launch Award recipient in May 2007. BU New Ventures subsequently worked to recruit management and make investor introductions that precipitated the Series A financing.