The liver disease diagnostics spinout has secured the first tranche of a $10m series A investment by Fosun Pharma initially announced in October 2018.
Glycotest, a US-based liver disease diagnostics spinout of Baruch S. Blumberg Institute and Drexel University, received an initial $3m tranche from its up to $10m series A agreement with drug firm Fosun Pharma on Thursday.
Fosun Pharma’s investment was first announced in October 2018 and would result in the corporate taking 40% interest if fully completed. The remaining $7m sum is contingent on Glycotest satisfying certain milestones.
Founded in 2012, Glycotest is developing non-invasive blood tests for liver cancer and fibrosis-cirrhosis, the medical term for scarring and distortions in the liver caused by persistent damage.
Glycotest’s first product is an algorithm-powered biomarker test called HCC Panel intended to flag up early-stage hepatocellular carcinoma, a common form of primary liver cancer.
The technology extends research conducted by co-founder Timothy Block, co-founder and president of Baruch S. Blumberg Institute and a professor at Drexel University until 2015,…
