Diagnostic testing firm Diadem has raised $10.97m (€10m) in the first tranche of its equity funding for its AlzoSure Predict prognostic blood test for Alzheimer’s disease (AD).
New investor CDP Venture Capital and current investor Panakès Partners led the financing round.
The latest funding follows an $8.2m (€7.5m) venture loan from the European Investment Bank (EIB).
Diadem intends to use the new funds to commercialise and clinically validate the AlzoSure Predict test.
The non-invasive biomarker blood test is being developed to identify whether patients aged above 50 years with cognitive impairment signs will or will not progress to AD up to six years before definitive symptoms become apparent.
It identifies mild cognitive impairment (MCI) patients prior to clinical diagnosis.
The test uses an analytical method with a patented antibody that binds to U-p53AZ, a conformational variant of the p53 protein, and its target sequences.
Diadem Board Chairman Dr Gerald Möller said: “Diadem will use the funds to further expand the company’s global organisation to support our unique prognostic assay that could revolutionise the Alzheimer’s field.
“This funding, in conjunction with the recently announced EIB loan agreement, will provide Diadem with the capital to support the company as it commercialises AlzoSure Predict and builds a successful global enterprise.”
Diadem’s AlzoSure Predict secured Breakthrough Device Designation from the US Food and Drug Administration (FDA) in January, as well as CE-IVD certification last month.