SAN DIEGO, Aug. 20, 2013 /PRNewswire/ -- Applied Proteomics Inc. (API), the leading developer of protein-based molecular diagnostics, announces the closing of its $28 million dollar Series C financing. With this investment, API will begin commercializing its novel diagnostic tools and move closer to achieving its vision of saving lives and reducing healthcare costs through precision medicine.
This round of financing was led by Genting Berhad, with existing investors Domain Associates and Vulcan Capital also participating in the financing. Genting Berhad Chairman and CEO Tan Sri Lim Kok Thay was appointed to the API Board of Directors.
"API's approach to molecular diagnostics is like nothing we've seen in the segment," states the Genting Berhad CEO. "The transformative power of API's science combined with their stellar management team and visionary founders Danny Hillis and Dr. David Agus made this an easy decision for us."
API's novel molecular diagnostic tools are based on the conversation of the body--the constant dialogue between proteins-- that act as the body's early-warning system for disease. By tapping into this conversation, API measures the current status of the body's proteome, enabling disease detection at the earliest stages of development. API diagnostics will allow healthcare providers to deliver precise treatments to patients before they get sick.
The Series C funding will be used in part to commercialization these groundbreaking diagnostics, the first of which is API's blood test for pre-cursors to colorectal cancer.
"With the Series C complete, we're positioned to launch our first product and capitalize on the significant unmet need of directing high-risk patients towards colonoscopy," says API President and CEO, Peter Klemm. "We have the potential to dramatically reduce the incidence of colon cancer, which currently claims 50,000 lives per year in the US alone."
In preparation for the product launch, API is building a high-capacity CLIA laboratory, which will employ high-throughput clinical MRM mass-spectrometry assays as the test platform. API will also continue investing in large-scale clinical validation through ongoing sample collection in its intent-to-test population. In addition, API will leverage its mass-spec based discovery platform by researching, developing and commercializing additional protein-based diagnostic tools targeted towards early detection of chronic conditions.
API Founder Danny Hillis sees the recent funding as a pivotal milestone for the company, stating, "This investment validates our vision for API and signifies that the investor community is ready to commit to transforming healthcare."
For more information about API and its protein-based diagnostics, visit www.appliedproteomics.com.
About Applied Proteomics Inc.
API is a molecular diagnostics company focused on developing blood-based multiplex protein tests to help physicians more effectively direct patients towards current standard-of-care patient management. API has developed a proteomics platform solution to make protein-based biomarker discovery possible as a replicable, industrial application ready to be applied to multiple health diagnostic problems. The company is currently advancing several internal diagnostic development programs, and is headquartered in San Diego, CA.
SOURCE Applied Proteomics Inc.