POC Medical Systems said today that it raised $21 million in Series A financing to fund clinical testing and commercialization of its portable breast cancer screening test, MammoAlert. The round was led by BioVentures Investors and also included Sirius America Insurance Company, IFG Healthcare and MIA Investment Limited.
The MammoAlert test, which can produce a result in 15 minutes according to the company, uses microfluidics to detect multiple cancer biomarkers in a drop of blood. The system includes a mobile tablet device that stores data in the cloud, where it can be shared with healthcare professionals.
The rapid blood-test was specifically developed for use in regions such as India, where preventative measures like screening are not widely accessible. Saxena said the company anticipates it will receive CE Mark approval by March this year.
“Breast cancer is the most common cancer in women in both the developed world and in emerging countries, where it is reaching epidemic levels,” BioVentures Investors managing director Marc Goldberg said in prepared remarks. “Sadly, according to the WHO only 50 million of the 1.6 billion women who need screening are tested due to access and affordability issues. POC’s disruptive technology will lead to more women around the world being screened on a timely basis, and thereby, make a profound difference in both their lives and in their countries’ healthcare systems.”
“Our immediate priority is to set-up a pilot manufacturing plant at the company’s headquarters in California and, following receipt of a CE Mark, launch the breast cancer screening system in India,” chairman & CEO Sanjeev Saxena added. “India suffers from inadequate early breast cancer screening and where a woman dies of this horrible disease every 7 minutes.”