NEW YORK — Dec 27, 2019 — Acuamark Diagnostics, Inc. (“Acuamark”), a biotechnology company that focuses on developing innovative blood-based screening assays for reliable and cost-effective detection of early-stage cancer, today announced that it has completed private placement of its Preferred Series AA3 stock in a round that was substantially oversubscribed. The proceeds will be used to fund expansion of its CRC pilot program entering proof of concept stage in clinical samples and expand the company’s “all-cancer screening” program’s research and development.
Cancer is a leading cause of death worldwide, accounting for an estimated 9.6 million deaths. When cancer is detected early, it is generally still curable, and both cancer management and societal costs are drastically lowered. The World Health Organization (WHO) estimates that worldwide, the annual economic cost of cancer in 2010 was approximately $1.2 trillion and increasing. Acuamark’s novel assays are designed to provide best-in-class, cost-effective blood-based screening for all major early-cancers.
Dr. Bernard Peperstraete, CEO of Acuamark Diagnostics, Inc. comments: "We are thrilled by the excitement this financing generated and are honored by the high caliber of institutional investors that joined us in this round. Dr. Peperstraete adds: “Convenient and reliable early cancer detection is among humanity’s most pressing unmet medical needs, and molecular cancer detection has become one of the fastest growing segments in healthcare today. We believe that our unique approach will bring early cancer screening to a whole new level of testing access, reliability, and cost-effectiveness. We are very excited to advance our technology into clinical samples and continue the development and testing of both our CRC and “all-cancer” early detection assays.
Mr. Michael Gargano, Chairman of the Board of Acuamark Diagnostics, further adds: “The Company’s Board is looking forward to partnering with our new Investors as Acuamark Diagnostics propels its exciting early detection innovations forward into clinical samples, ultimately to serve the cancer community and beneficially transform cancer care as we know it” said Michael Gargano, Chairman of AcuamarkDx. “As we make further progress, we expect the company’s structure to evolve as well. As part of this fundraise, we like to welcome Dr. Vanja Vuletic as incoming Board Director.”
About Acuamark Diagnostics Inc.
Acuamark Diagnostics is a biotechnology company focused on developing novel and unique screening tests for blood-based early detection of cancer. Acuamark Diagnostics' technology allows for highly reliable and cost-effective screening of blood to detect cancer markers at the early cancer stages when cure rates are still high. Backed by a world-renowned scientific team and highly experienced industry team, it is Acuamark Diagnostics’ mission to contribute to the global battle against cancer by intercepting cancer at the earliest stages and increase cancer survival rates.