UC spin-off GeneproDX raises USD $3.2 to mass-market thyroid cancer test
GeneproDX, the first-ever biotechnology company founded under the wings of Catholic University and the Biomedical Technology Consortium (BMRC), landed this capital increase in order to bring the ThyroidPrint molecular test in kit format to the global market alongside the multinational firm Biocartis. It has also received the international “Better World Project Award,” which honors university technologies that make people’s lives better globally.
A recent recipient of the “Better World Project Award,” the ThyroidPrint test is used to determine whether a thyroid node is cancerous when the biopsy is inconclusive. This technology relies on a PCR to measure multiple molecular markers which are then analyzed using a neural network-based algorithm. Currently available in Chile through a centralized service, ThyroidPrint has been instrumental in preventing unnecessary surgery in nearly 70% of the 320 Latin American and Spanish cases that have undergone testing.
This capital increase will be earmarked for developing a 2.0 version that can be used by less-complex laboratories for development and sales on new markets such as France, Italy and the US.
This is the company’s fourth capital increase, which brings the total capital raised to USD $10 million so far. It is estimated that the company will be valued at over USD $120 million in 18 months. “This capital increase will allow us to accelerate FDA approval of the kit” remarks founder Hernan Gonzalez, who is also a professor of surgery at the UC School of Medicine. “In addition, while waiting on the kit we are going to set up new subsidiaries in the United States and Europe to gain access to those markets where we will provide coverage to public and private healthcare systems.”
Thus far, two clinical trials have been held (in Chile and the United States) enabling the test to be launched on the market. A third multi-center clinical validation trial is currently underway in seven countries. This will provide us with final evidence we need to be able to use the kit globally and provide coverage to healthcare systems. Biocartis and the current shareholders contributed to the capital increase, reflecting their confidence in GeneproDX and the company’s capacity in terms of technical execution and value creation.
Additionally, as a result of this scientific development, the Pontificia Universidad Católica de Chile received the “2021 Better World Project Award,” which is granted annually by AUTM (formerly the Association of University Technology Managers), which recognizes academic research that drives technology transfer and innovations that contribute to improving lives everywhere, every day.