A medical technology company based in Sudbury announced it has received millions in funding through a series of partnerships, several of them new.
Rna Diagnostics announced Nov. 8 it has closed a series A financing round with iGan partners, which included new and existing investors.
IGan Partners is an early-stage venture capital firm investing in emerging medical technology companies with a focus on medical devices and health care information technology.
The funding will help the company in testing its RNA Disruption Assay tool in a worldwide BREVITY trial, which will include 725 patients with aggressive breast cancer.
The tool will help monitor the progress of the use of chemotherapy after one round before surgery to determine if the treatment is working or not to allow patients and medical personnel to determine the best course of action.
All tests for the tool will be performed at the company's lab at the Health Sciences North Research Institute.
BREVITY is a prospective, double-blind, pivotal validation trial for RDA in stage 2 to 3 breast cancer. It is being conducted in Canada, the U.S., Germany, Italy and Ireland. The trial is critical for the commercial launch, clinician acceptance and reimbursement of RDA.
“This $5M Series A financing allows for continued progress on our pivotal BREVITY trial, as well as other programs, and provides capital needed to enable us to reach commercialization of our RNA Disruption Assay," said Dr. Jeremy Bridge-Cook, president and CEO of Rna Diagnostics.
The trial is expected to conclude in 2020.
