Cleveland Diagnostics said on Tuesday that it has raised $19.4 million in a private financing, which it will use in part to further commercialize its IsoPSA blood-based prostate-specific antigen assay.
The company said that it closed a $17.4 million Series D financing round, led by Lyfe Capital with participation from the Cleveland Clinic and other existing investors, after which it received a term sheet for a $2 million convertible note that is expected to close shortly.
The Cleveland, Ohio-based company said that the money will support the national rollout of IsoPSA, which was introduced in mid-2020 on a limited basis through physicians at the Cleveland Clinic’s Glickman Urological and Kidney Institute. The test received breakthrough device designation from the US Food and Drug Administration in 2019 and is currently available from Cleveland Diagnostics as a laboratory-developed test.
The financing will also be used to support the development of additional tests including ones for breast and lung cancers.