FORT LAUDERDALE, Fla., July 11, 2016 /PRNewswire/ -- Vigilant Biosciences, Inc. ("Vigilant"), a leading innovator and developer of solutions that aid in the early detection and intervention of cancer, today announced the successful completion of a $5 million round of financing through its Series B2 offering, bringing the total Series B financing raise to $10.5 million and the total amount of funding raised to date to $12.5 million.
Existing investors participating in the Series B2 financing included White Owl Capital Partners, venVelo and others, as well as a group of private and angel investors with a commitment to the life sciences.
Vigilant expects to use the funds to support numerous commercial and development efforts, including the international commercialization of its OncAlert™ Oral Cancer product line and the advancement of its OncAlert Labs product line. Additionally, the funds raised will support the continued research and development of additional products in Vigilant's pipeline.
"We are very pleased to close this Series B2 financing as it positions Vigilant Biosciences to successfully transition to a commercial-stage company that will deliver breakthrough solutions to aid clinicians in the early detection and intervention of oral cancer," said Matthew H.J. Kim, Founder, Chairman, and CEO of Vigilant Biosciences. "These funds will also enable us to continue research and development of additional applications of our unique biomarker technology."
About Vigilant Biosciences Products
Vigilant Biosciences' product line is based on patented technology that measures an unprecedented combination of soluble CD44, a tumor-initiating and stem cell associated biomarker, and total protein levels – markers clinically validated to be associated specifically with oral cancer when measured in an oral rinse – to aid clinicians in the early detection and intervention of oral cancer. The simple, oral rinse procedure is easy to administer and non-invasive for the patient. Vigilant Biosciences' product line currently includes the OncAlert Labs OraMark™ Test, a laboratory developed test available only through OncAlert Labs, a CLIA certified laboratory; and the OncAlert Oral Cancer RAPID Test and the OncAlert Oral Cancer LAB Test, both CE Marked and available in select markets outside the United States.
The accurate, cost-effective tests can benefit every adult, with particular emphasis on high-risk populations (i.e., current and former tobacco users, those who consume excessive alcohol, and people with human papillomavirus, HPV-16).
About Oral Cancer
There are more than 440,000 new cases of oral cancer each year worldwide. More than 48,000 individuals estimated in the United States alone will be diagnosed with oral or oropharyngeal cancer this year with close to 9,600 deaths resulting from this disease, killing roughly one person per hour, 24 hours per day. Worldwide, the mortality rates reach up to an estimated 242,000 deaths each year from oral cancer. Historically the death rate associated with this cancer is particularly high due to late-stage diagnosis and intervention. Currently, the vast majority of patients are detected through a visual exam and/or are symptomatic, at which point they are likely late stage. As a result, oral cancer often goes undetected to the point of metastasizing. Early diagnosis of oral cancer results in a cure rate of up to 90 percent.
About Vigilant Biosciences, Inc.
Vigilant Biosciences is a leading innovator and developer of solutions that aid clinicians in the early detection and intervention of cancer. The Vigilant Biosciences OncAlert™ Oral Cancer product line and OncAlert Labs product line include point-of-care and lab-based products and services that are simple, accurate and cost-effective and that can empower healthcare practitioners to improve potential outcomes through earlier intervention. The OncAlert Oral Cancer LAB Test and the OncAlert Oral Cancer RAPID Test are CE Marked and available in select international markets outside the U.S. The OraMark™ Test is a Laboratory Developed Test (LDT) that is only available in the U.S. exclusively through OncAlert Labs, LLC, a CLIA-certified laboratory and a member of the Vigilant Biosciences family of companies. For more information, visit www.vigilantbiosciences.com and www.oncalertlabs.com.
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SOURCE Vigilant Biosciences, Inc.