Precision biotechnology company Syantra has secured C$4.9m ($3.60m) in Series A-1 funding to advance the clinical validation and commercialisation of its early breast cancer detection test.
The funding saw contributions from a group of individuals introduced by CG Wealth Management and continued support from existing investors.
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Syantra plans to use the proceeds to accelerate the clinical validation and commercialisation of Syantra DX Breast Cancer.
Designed as a precision medicine tool, the Syantra DX Breast Cancer utilises a panel of gene expression biomarkers from whole blood, coupled with a machine learning-powered software package, to deliver a positive or negative result for breast cancer.
This molecular approach to breast cancer screening has the potential to detect invasive disease at early stages.
The ongoing prospective clinical studies of Syantra DX Breast Cancer have shown positive results, with an inferred accuracy of 98.5% for women under 50 and 92.2% accuracy overall.
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By GlobalDataFurthermore, Syantra has named Dr Rick Mangat to its board of directors. With over two decades of experience in the medical device sector, Mangat co-founded NOVADAQ Technologies and served as its CEO until its acquisition in September 2017.
Earlier this year, Weill Cornell University and the University of Calgary received more than $2.4m from the US Department of Defense to fund a three-year clinical study to evaluate the Syantra DX Breast Cancer test in new and diverse populations.
Involving 2,000 participants, the study aims to expand the work with Syantra’s early breast cancer detection blood test across six sites in the US and the UK.
Syantra CEO Rob Lozuk said: “On the heels of the DoD project, this influx of support will empower Syantra to focus on the science that drives us forward, enabling the team to execute ongoing clinical studies and other efforts prior to ramping up commercialisation in 2025.
“The Syantra DX Breast Cancer test demonstrates both the singular science and vision of Syantra. With an ever-increasing number of women being diagnosed at younger ages, we wanted to create a test that offered a different but complementary approach to identifying women who need a diagnostic image. With the Syantra DX Breast Cancer test, we believe we will deliver exactly that.”
