Armune BioScience, Inc. Announces the Closing of Series A Round of Financing
Funds will support the growth of commercial operations and research and development initiatives geared towards new tests in prostate, lung, and breast cancers.
KALAMAZOO, MICH. September 07, 2016 — Armune BioScience, the developer of APIFINY®, the only cancer specific, non-PSA blood test available to assess the risk for the presence of prostate cancer, today announced the closing of its $5 million Series A investment round.
“We continue to see growing investor interest in the business as our team generates significant demand for APIFINY as the only cancer specific, non-PSA blood test available in the world,” said David Esposito, President and Chief Executive Officer of Armune BioScience. “We are thankful to the Grand Angels Venture Fund II investment for helping close out the round and for supporting our plans for growth.”
Armune expects to use the funds from this round of financing to support the growth of its commercial operations and research and development initiatives geared towards new tests in prostate, lung, and breast cancers. Armune develops and commercializes autoantibody technology licensed from the University of Michigan that was developed under the direction of Arul Chinnaiyan, MD, PhD.
“We are very pleased with the progress the Armune team has made in commercializing APIFINY,” commented Paul D’Amato, MBA, Managing Director, Grand Angels Venture Fund II. “We believe the Armune technology has the potential to significantly improve care and reduce the cost of care in the risk assessment of prostate cancer and we look forward to supporting the team’s growth plans.”
Armune continues to expand its commercial operations in support of the rapid volume growth of APIFINY. Armune is in the process of raising a $25 million Series B round to fund a further expansion of its marketing efforts and the development of new products in prostate, lung, and breast cancer. Armune has retained Mavericks Capital to support the Series B round.
About Armune BioScience
Armune BioScience, Inc. is a medical diagnostics company that develops and commercializes unique proprietary technology exclusively licensed from the University of Michigan for diagnostic and prognostic tests for prostate, lung and breast cancers. Armune was incorporated as a Delaware Corporation in 2008 with corporate headquarters in Kalamazoo, MI and a research and commercial laboratory in Ann Arbor, MI. For more information, visit http://www.armune.com.
About Grand Angels
Grand Angels is one of Michigan’s most active and most consistent investment organizations, and we are the longest-serving regional investment group that offers robust mentoring paired with patient capital. We do more than invest, because Grand Angels’ objective is to build world-class companies and entrepreneurial talent. Our members are only successful if the people with whom we invest are successful. That means developing talent. Therefore, we are committed to utilizing our financial, intellectual and networking resources to help our portfolio achieve more. We do this from our base in West Michigan, and work to actively enhance the economic development of the region. For more information, visit http://www.grandangels.org.
About Mavericks Capital
Mavericks Capital LLC and its licensed broker dealer, Mavericks Capital Securities LLC, specializes in advising companies on M&A, capital raises and strategic partnerships across the healthcare sector. With a senior team having deep medical perspectives, core scientific knowledge and proprietary analytics, we help construct and facilitate innovative and lucrative solutions for our clients. Our practice areas include therapeutics, devices, diagnostics, services and digital health. For more information, visit http://www.maverickscap.com.