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Financing Raised for Novel Molecular Diagnostic for MS

Published: Wednesday, December 19, 2012
Last Updated: Wednesday, December 19, 2012
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Molecular diagnostics company DioGenix, Inc. announced it raised $1.5 million in Series B financing.

Existing investors including life sciences fund Nerveda LLC participated in the round to support a prospective, multi-site clinical trial to validate MS™, DioGenix’ proprietary next-generation sequencing test for the early identification and diagnosis of multiple sclerosis (MS).

In a recently completed study, MS outperformed the specificity of the current standard of care for cerebral spinal fluid (CSF) analysis in patients suspected of having MS by almost two to one with no loss of sensitivity. The results of the clinical study are consistent with two prior DioGenix studies, warranting further validation of the deep-sequencing approach in a large, 150-subject validation trial that is currently underway.

“DioGenix continues to execute its strategy to develop MS as a diagnostic to accurately identify patients in the early stages of multiple sclerosis. The team has a solid track record developing and commercializing products that elevate the standards of diagnosing disease, and I have confidence they can do it again,” said Cam Gallagher, Chairman of DioGenix and President of Nerveda LLC, a private life science fund dedicated to advancing novel therapeutic and diagnostic technologies for neurodegenerative diseases.

“We’ve made excellent progress executing our plan to give physicians superior tools and greater confidence when they diagnose multiple sclerosis. We expect MS to provide a vast improvement in the information available to neurologists as they evaluate patients presenting with variable symptoms of neurodegenerative disease,” said Larry Tiffany, President and Chief Executive Officer, DioGenix, Inc.

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