Armune BioScience, Inc. Announces an Investment by the University of Michigan Investment Fund
$5 Million Series A investment round helps Armune, the developer of APIFINY, prepare for long term growth.
KALAMAZOO, MICH. September 6, 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 University of Michigan MINTS program has recently participated in the company’s $5 million Series A investment round.
“We are excited to have the University of Michigan’s MINTS program participate in our Series A financing,” said David Esposito, President and Chief Executive Officer of Armune BioScience. “With over 7,000 billable APIFINY tests ordered since launch, this financing will help us prepare for the long term growth of the business. We look forward to the involvement of investment partners like the University of Michigan Investment Office in helping us to achieve our goals.”
“Through the Michigan Investment in New Technology Start-ups (MINTS) program, the University of Michigan Investment Office supports early stage companies working to commercialize University of Michigan technology,” commented Felicia D. David-Visser, CFA, Manager of Investments. “We are very excited to see the progress that Armune has made in the market and we are confident in the leadership team’s ability to deliver on key milestones important to the growth of the business.”
Armune has commitments to the close out the Series A round shortly and 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.
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.
The University of Michigan’s MINTS (Michigan Investment in New Technology Startups) program is managed by the Investment Office as part of the endowment; it invests in companies based on technology licensed from the University. For more information, visit http://www.bf.umich.edu/investments.html.
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.