Oncology diagnostics company PreciseDx has successfully raised $20.7 million in Series B funding. This latest investment, led by Eventide Asset Management, brings the company’s total funding to $31.5 million. Other participants in the round include Labcorp, Quest Diagnostics, and GenHenn Capital Venture. The capital infusion is set to accelerate the commercialization of PreciseDx’s flagship product, PreciseBreast, an AI-powered risk assessment tool for breast cancer.
PreciseBreast represents a significant advancement in breast cancer diagnostics. Utilizing AI and the company’s proprietary Morphology Feature Array (MFA) technology, PreciseBreast analyzes standard H&E pathology slide images to deliver a precise Risk of Recurrence Score for early-stage invasive breast cancer. Unlike traditional assessments, this AI-driven tool provides insights independent of HER2 and hormone receptor status, allowing for a more comprehensive evaluation of a patient’s risk.
The importance of PreciseBreast lies in its ability to quantify critical features that predict breast cancer recurrence, leveraging millions of data points to inform clinical decisions. The tool meets the stringent requirements of the Clinical Laboratory Improvement Amendments (CLIA) and has successfully passed the Clinical Laboratory Evaluation Program (CLEP) Assay Validation Review by the New York State Department of Health (NYSDOH). This ensures that the results generated by PreciseBreast are not only accurate but also actionable, offering healthcare providers a new level of precision in breast cancer care.
The Series B funding will support PreciseDx in its next phase of growth, which includes the continued clinical validation of PreciseBreast and its broader commercialization. The company has already achieved several milestones, such as completing two successful validation studies—analytical and clinical—and establishing key collaborations with prestigious institutions like UCLA, Baptist Health South Florida, and Baylor Scott & White Health.
Eric Converse, Founding Board Member of PreciseDx, shared: “Our team continues to advance breast cancer diagnostics by delivering faster, more accurate data, in a cost-efficient method. This allows clinical care teams to make better-informed clinical decisions, resulting in improved patient outcomes.”
Westley Dupray, CFA, Research Analyst and Principal at Eventide, added: “We expect this financing will help accelerate the validation process for PreciseBreast and its potential to improve patient risk assessments, clinical outcomes, and healthcare efficiency.”
