Vigilant Biosciences closes $5.5 million Series B round of funding
Funding will be used to support international launch of OncAlert Oral Cancer Risk Assessment System
Vigilant Biosciences Inc., a developer of solutions that aid in the early detection and intervention of cancer, announced last week the successful completion of a $5.5 million Series B round of funding, bringing the total amount of funding raised to date to $7.8 million. The financing includes investments by White Owl Capital Partners, venVelo, the Florida Institute for the Commercialization of Public Research, and several existing investors, as well as a group of private and angel investors with a commitment to the life sciences.
Vigilant will use the funds to drive toward CE Mark approval and U.S. regulatory approval for its OncAlert Oral Cancer Risk Assessment System. Additionally, the funds raised will support the international product launch and commercialization of the OncAlert System, as well as other products in Vigilant’s pipeline.
“We are pleased at the excitement and confidence our investors show in the company, our executive team, our products, and the opportunity to positively impact the global cancer market,” said Matthew H.J. Kim, founder, chairperson, and CEO of Vigilant Biosciences. “As hundreds of thousands continue to be diagnosed with oral cancer every year, we are committed to providing an accurate, effective, and affordable way to aid in the early detection of risk for the disease. This funding will enable us to address this critical market need that has gone unmet for far too long.”
Vigilant’s initial product, the OncAlert Oral Cancer Risk Assessment System, is based on patented technology that detects specific protein markers known to indicate an elevated risk for oral cancer, even prior to the observation of visual or physical symptoms. The simple oral rinse procedure is easy to administer and is non-invasive for the patient. The test can be applied to every adult, with particular emphasis on high-risk populations (i.e., current and former tobacco users, those who consume alcohol, and people with human papillomavirus (HPV)). Both the rapid point-of-care test and the lab assay that comprise the OncAlert Oral Cancer Risk Assessment System are currently under the CE Mark registration approval process and are expected to be released in Q2 2015.
