$35 Million Investment Raised By Precision Therapeutics

Jun 17, 2010, 20:00 ET from Precision Therapeutics

PITTSBURGH, June 17 /PRNewswire/ -- Bain Capital Ventures, the venture and growth affiliate of Bain Capital, recently led a financing of $35 million in Precision Therapeutics. The funding will be used to provide additional support for expanding the distribution of the Company's core product, ChemoFx®, and to expedite their efforts in the research, development and commercialization of novel proteomic and genomic markers for cancer therapy.  Bain Capital is one of the world's leading private investment firms with approximately $67 billion under management.  Existing investors including Adams Capital Management, Quaker BioVentures, Longitude Capital, Birchmere Ventures, and TVM Capital, joined with Bain to continue their support of these endeavors.

"We chose to work with Precision Therapeutics because we have been very impressed with the products they offer.  Precision's performance-based model defines them as a leader in the development of solutions for personalized cancer treatment," says Jeffrey Crisan, Managing Director of Bain Capital Ventures.  "In addition, their continued efforts in research and development address important clinical questions that significantly impact the future of cancer care."  Mr. Crisan has also joined the Precision Therapeutics Board of Directors.  

The Hillman Company, a privately owned corporation with headquarters in Pittsburgh, PA., also joined the investor group. "This commitment from  Bain Capital Ventures and The Hillman Company will enable us to expand our commercialization efforts of ChemoFx®, while allowing for a deeper focus on our genomic work," said Sean McDonald, CEO of Precision Therapeutics. "We are particularly excited to have Jeffrey Crisan join our board. His knowledge will certainly help us take Precision Therapeutics to the next level."

About Precision Therapeutics

Precision Therapeutics, a life-science company based in Pittsburgh, Pennsylvania, is committed to improving outcomes of cancer patients. Known for their expertise in the science of individualizing cancer therapy through the use of a proprietary and unique live-tissue platform, Precision develops novel markers to help guide treatment decisions based on the biological processes of each individual's cancer.

Precision's state of the art bioinformatics combined with the analysis of the live molecular, proteomic and genomic activity of each patient's cancer offers an innovative foundation for further development and commercialization of novel predictive markers for cancer therapy.  Early validation data show promising results for novel multi-gene predictors in both breast and colon cancer.

Precision's first commercial test, ChemoFx®, is a proprietary drug response marker which measures an individual's malignant tumor response to a range of standard therapeutic alternatives under consideration by a physician with the goal of optimizing patient outcomes. ChemoFx has been shown to extend patient survival rates in multiple-peer reviewed studies, while significantly lowering healthcare costs when a physician chooses a therapy deemed responsive by the marker.  

SOURCE Precision Therapeutics