ProteoMediX Raises CHF 2.6 million in Series A Financing

The round was led by Altos Venture (Allschwil, Switzerland), a recently incorporated Swiss venture capital firm chaired by Dr. Walter Fischli (co-founder of Actelion), that is investing in carefully selected hightech start-ups. Additional investors participating in this round are experienced private investors out of the BioValley Business Angels Club BioBAC as well as Zürcher Kantonalbank.

The board of directors of ProteoMediX will be strengthened with Dr. Werner Schaefer and Dr. Isaac Kobrin. Dr. Schaefer is a diagnostic expert with over 30 years of management experience in the diagnostic industry in Europe and the USA. He was a member of the management board at Roche Diagnostics and before that held a leading management position at Abbott Diagnostics. Dr. Kobrin was responsible for the worldwide clinical development of key compounds at Roche and subsequently joined Actelion as head of clinical development and later was appointed to Chief Medical Officer.

The new funds will enable ProteoMediX to continue the development of diagnostic tests in the field of prostate cancer and to expand its operations. The company's proprietary protein-based biomarkers showed a significantly increased accuracy in detecting prostate cancer when compared to the current standard PSA test. The innovative proteomics technology that was applied to find these biomarkers enables the development of non-invasive diagnostics directly linked to the origin of cancer on a molecular level. This allows ProteoMediX to address additional diagnostic applications such as assessing the prognosis of the disease as well as to match prostate cancer patients with safer and more effective therapies.

Dr. Ralph Schiess, CEO and co-founder commented: “We are delighted to have received this strong support from investors with extensive experience in the life science industry. The funds will enable us to further develop our products for the diagnosis of prostate cancer”. “The closing of this financing round in the current difficult financial environment reflects the confidence of the investors in ProteoMediX management team and the potential of our technology”, said Christian Brühlmann, CFO and co-founder of ProteoMediX.