Precision Epigenomics Announces Closing of $1.5M Series A1 Funding

With this funding, Precision Epigenomics has raised more than $3.9M in investments helping move the company into the revenue stage.

TUCSON, AZ, UNITED STATES, September 11, 2024 /EINPresswire.com/ -- Precision Epigenomics Inc. announces the completion of a $1.5M Series A1 preferred stock round of funding led by Shaffer Capital, LLC. The company has also secured more than $2.4M in non-dilutive funding, bringing the total funding and investment raised to more than $3.9M. Precision Epigenomics is the developer of the EPISEEK™ multi-cancer detection test, which utilizes a simple blood draw (i.e., liquid biopsy) to detect cancer earlier. The investment has helped move the company into the revenue stage by building, equipping and staffing a CLIA-certified laboratory for patient care, validating its EPISEEK assay for clinical use, making the multi-cancer screening assay commercially available to the US and international markets and allowing for increased attention to sales and marketing.

While current American Cancer Society guidelines routinely recommend four different screening procedures for four different cancer types, the EPISEEK test can detect more than 20 cancer types with a single blood draw. For nonsmoking men, routinely recommended screening is available only for colorectal cancer, meaning that we are not routinely screening for >90% of the cancers killing men. For nonsmoking women, it is slightly better, but still, more than 70% of the cancers taking women’s lives are not being detected early enough. One does not know in advance which cancer or when cancer might develop. By testing for more than 20 cancer types, patients may get one step ahead of cancer.

Shaffer Capital led the A1 round, but other new stakeholders are venture capital firms and individual investors, including CEOs, physicians, patients and healthcare executives. Lisa Shaffer, PhD, the manager of Shaffer Capital, LLC, has a strong record in startups, creating innovative clinical laboratories and successful exits. She stated, “This past year, the Precision Epigenomics team has exceeded investor expectations by developing, validating and launching EPISEEK to clinicians who want to screen their patients for more than 20 cancers with a simple blood draw.” She added, “This test is truly a game-changer for the early detection of cancer in the population.”

“We are excited about the mission of Precision Epigenomics and the early results of the EPISEEK test,” said Dr. Amy Cook. “Every family is affected by cancer in some way, and it is an honor to support such a worthy cause that has the potential to save and improve the lives of so many.”

DVRGNT Ventures, the first trans led and owned VC firm in the world founded by B. Pagels-Minor, like Precision Epigenomics (PE) is a firm on the leading edge. “Our focus on The Great 38™️ and cashflow positive businesses bring finance 101 fundamentals to VC. We believe PE has the potential to be the leader in the field of cancer diagnostic tools and personally my family has been impacted by many of the diseases EPISEEK will detect. The potential is exactly why PE is the very first and perhaps most important investment DVRGNT Ventures will make,” said Pagels-Minor.

Dr. Rajiv Kwatra, also an investor, said, “Precision Epigenomics is challenging the status quo for our war on cancer. The progress made these last decades with heart disease wasn’t from trying to fix the heart after a heart attack — it was from preventing that catastrophic event through diet, exercise, control of hypertension and treating high cholesterol. With cancer, there has been far too little progress in minimizing the catastrophe of delayed diagnosis.”

Mark Nelson, PhD, founder and CEO of Precision Epigenomics, said, “We envision EPISEEK™ becoming the #1 choice for multi-cancer detection. We are now entering our growth phase and are focused on making clinicians and patients more aware of this opportunity to detect aggressive cancers earlier. Completing this round of funding gives us the capital to successfully grow revenue for the EPISEEK screening blood test, get cash flow positive and accelerate the development of innovative intended uses in the diagnostic, minimal (molecular) residual disease, response to therapy and surveillance liquid biopsy uses in our pipeline.”

About Precision Epigenomics

Precision Epigenomics is an innovative molecular diagnostics company focused on earlier detection and better outcomes for cancer patients. The company is known for its knowledgeable staff, commitment to patient care and absolute dedication to quality. For additional information regarding Precision Epigenomics and its EPISEEK™ testing, please visit the company website at https://precision-epigenomics.com/.

Forward-Looking Statements

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of federal securities laws. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to several factors, some of which are not within the control of the company.

Jen Gallacher
Precision Epigenomics
+1 385-335-8791
jen.gallacher@fullcast.com
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Precision Epigenomics EPISEEK™ Multi-Cancer Early Detection Test Explainer