Oral Cancer Test Developer OrisDx Raises $4M in Seed Funding

Original from: 360dx

University of Chicago spinout OrisDx said Tuesday that it has raised $4 million in seed funding and it will use the money to support the launch of its saliva-based molecular test for oral cancers.

The funding round was led by Revere Partners and CareQuest Innovation, with contributions from the University of Chicago Medical Center's UCM Ventures program, Harper Court Ventures, and the Illinois Innovation Venture Fund, among others.

The Chicago-based firm said that it will use the money to support the commercialization of its diagnostic platform in dental, oncology, and other medical channels.

The company said on its website that it uses next-generation sequencing with algorithm-based analysis to aid the detection of genetic biomarkers of cancer in saline rinse samples. Patient samples are shipped to OrisDx's CLIA-certified lab, and results are reported within 14 days.

OrisDx said that its study results so far show that the test performs with 93 percent sensitivity and 99 percent specificity. The firm said that its proprietary molecular technology also allows for earlier and more accurate identification of oral cancers compared with standard-of-care visual examinations, which are often followed by unnecessary biopsies.

"The easy, pain-free collection of saliva offers the broadest opportunity for patients to provide samples at the convenience of a clinic or home," OrisDx CEO Harald Steltzer said in a statement.

Jeremy Krell, managing partner for Revere Partners, added that the easy-to-administer test can help dentists to assess indeterminate lesions and expand their revenue stream as well as improve patient access to care.

Source: Oral Cancer Test Developer OrisDx Raises $4M in Seed Funding