Premier Endpoint Interview with David Esposito of Armune BioScience
This is the first post in an interview series with CEOs of small- to mid-cap companies, in which we ask them about products in development. Here we talk with David Esposito, President and Chief Executive Officer at Armune BioScience, Ann Arbor, Michigan (http://armune.com/).
DAVID ESPOSITO: Armune BioScience is an early stage, medical diagnostics company started in 2008 when we signed a licensing agreement with the University of Michigan.
We licensed technology discovered by researchers at the University, which identifies the immune system’s response to certain cancers. We licensed a library of protein biomarkers, and over the course of a few years, developed and validated a test for the risk assessment of prostate cancer called APIFINY. APIFINY measures eight of those biomarkers, and APIFINY is the only cancer-specific, non-PSA-based blood test available to aid in the risk assessment of prostate cancer.
We launched APIFINY as a lab-developed test from our laboratory in Ann Arbor, Michigan in April of last year. We’ve done about 8000 tests after about 15 months on the market. APIFINY is designed as a risk assessment for the detection of prostate cancer. We also have blood-based tests coming to market as prognostic tools to help differentiate indolent versus aggressive disease, and companion diagnostics to support patient selection and treatment monitoring for immune-oncology products. We also have a library of biomarkers for lung and breast cancer that we are beginning to develop to address major areas of unmet need in those cancers.
That summarizes our major product lines and we have been in the US market for about 15 months with our first product (APIFINY). From a growth and reimbursement standpoint, we just closed out a Series A Round of financing for $5 million. We are looking to land a series B Round of financing at $25 million as soon as possible, so we can scale both our research and development opportunities and our commercial opportunities.