Cleveland Diagnostics secures $75 million funding to advance early-stage cancer detection
Cleveland Diagnostics, a Northeast Ohio-based BioTech company, has closed a $75 million financing round to advance their early-stage cancer detection testing technology.
The round was led by life sciences investment firm Novo Holdings. The funds will accelerate the commercialization of their IsoPSA blood test, an innovative technology for early detection of prostate cancer.
The investment positions Cleveland Diagnostics to meet the increasing demand for IsoPSA which analyzes protein structure changes and offers a more precise method to detect prostate cancer.
The need for this technology
One in eight men are expected to be diagnosed with prostate cancer in their lifetime. Cleveland Diagnostics' technology helps determine in early stages if its cancer or not and with better early detection works to avoid unnecessary treatments and costs. The American Cancer Society reported 288,000 new prostate cancer diagnoses and 34,000 deaths in the U.S. in 2023.
Why this matters to Ohio
Ohio is a global leader in healthcare and a hub for cutting-edge medical and life science innovation, research, and patient care.
Cleveland Diagnostics' $75 million growth round is just the latest in significant life sciences and BioTech investments into the state of Ohio.
A few recent headlines include:
Clarametyx Biosciences, a Columbus-based BioTech, raised a $33 million Series A
Cleveland Clinic and Canon joined forces to create an imaging research center
Augment Therapy, Cleveland-based HealthTech startup, raised a $2.7 million seed plus round
University Hospitals launched the Haslam Sports Innovation Center in Cleveland with a $20 million donation
Forge Biologics, a Columbus startup, announced $620 million acquisition