ALISO VIEJO, Calif, June 30, 2021 /PRNewswire/ -- Mammogen, a female-led women's health startup, has announced the closing of its $2 million series-seed round of equity financing. The round was oversubscribed by a diverse group of high-net-worth investors, comprising 52% women, members of the LGBTQ+ community, and veterans from the US Armed Forces, according to the company.
"The vast diversity across our investor base is evidence that the world is ready for a truly differentiated women's health narrative," stated Mammogen Chief Executive Officer, Elizabeth Cormier-May. She went on to say, "We are uniquely integrating data, science and the lived experiences from the patients that we serve into all ongoing product development efforts related to our flagship breast cancer program. Our objective is to detect earlier, diagnose easier and treat more comprehensively for the nearly 100M women who are currently underserved by existing standards of care."
"Most importantly, we are doing all of this with the overwhelming support of our community from day one. These differentiators not only resonated deeply with our shareholders, but they will significantly contribute towards our objective of becoming the world's leading powerhouse in women's health," continued Cormier-May.
In addition to its recent funding announcement, the company is introducing its proprietary genTRU™ liquid biopsy platform, a novel RNA-based technology that will house the company's suite of women's health diagnostics, with its flagship non-invasive breast cancer offering falling under the genTRU breast™ nomenclature. The genTRU breast™ program consists of two initial diagnostic tests positioned to unlock screening and reduce negative biopsies for large populations of women who are not being regularly or reliably screened, based on recommended screening guidelines and limitations of existing technologies. To date, the company's technology has been extensively validated in blood, as well as saliva, and has demonstrated statistical significance toward providing measurable improvement upon current standards of care.
"When you look at the unmet clinical needs that we are addressing with our highly advanced genTRU™ platform, as well as our focus on addressing the often-unspoken personal needs associated with so many women's health issues, it's very clear that our community is equally as important to us as our science," stated Mammogen founder & IV BioHoldings (IVBH) CEO, Marty Keiser.
"While everyone else is talking end-to-end care, Mammogen is building an end-to-never-end community. The idea is for our community to fuel market adoption and for market adoption to fuel our community, creating a positive feedback loop that both serves patients and accelerates growth," Keiser continued.
Proceeds from the latest round of financing will fund ongoing clinical development efforts for the genTRU breast™ program, secure strategic partnerships and alliances and further strengthen and expand the company's existing intellectual property portfolio.
Mammogen is a female-led biotechnology company focused on meaningfully improving the detection, diagnosis and treatment of women's health-related diseases, and creating an end-to-never-end community for women around the world. Mammogen is centered around its proprietary genTRU™ liquid biopsy platform. The company's flagship genTRU breast™ program leverages novel messenger RNA (mRNA) technology to non-invasively detect and diagnosis breast cancer. The genTRU breast™ offering is positioned to unlock regular and reliable screening for millions of women around the world and eliminate many negative invasive biopsy procedures. The company's proprietary multi-gene expression signature for breast cancer detection has been extensively validated in blood, as well as saliva, and has shown statistical significance towards providing measurable improvement upon current standards of care. Mammogen's product pipeline consists of an array of non-invasive prognostics and diagnostics for additional diseases that affect some-, mostly-, or only-women. For more information visit www.mammogen.bio.
About IV BioHoldings
IV Bioholdings (IVBH) is a bio innovation studio that takes a multi-disciplinary approach to building companies; cross-pollinating ideas and experience across a variety of industries, breaking down silos, upending the healthcare R&D process, and rethinking the startup model. The studio uses advanced analytical science to provide greater insight into human biology and radically improve the detection, diagnosis, and treatment of disease. The current IVBH ecosystem comprises three transformative bio startups, including LiquidLung, HepGene and Mammogen, focused on pulmonary disease, metabolic disease, and women's health, respectively. For more information visit www.ivbh.studio.