Diagnostics developer Applied Proteomics, Inc. (API) has secured $28 million in a Series C financing round led by Genting Berhad, a Malaysian investment firm, and existing investors Domain Associates and Vulcan Capital. The La Jolla, California-based company expects to use the funds to commercialize its blood test for warning signs of colorectal cancer—a test that apparently detects protein patterns that characteristically appear when colorectal cancer is forming.
Noting that the company was positioned to launch its first product, API President and CEO Peter Klemm said, “We have the potential to dramatically reduce the incidence of colon cancer, which currently claims 50,000 lives per year in the U.S. alone.” According to API, its molecular diagnostic
tools are based on the constant dialogue between proteins that act as the body’s early-warning system for disease. By tapping into this conversation, API measures the current status of the body’s proteome, which apparently enables disease detection at the earliest stages. See API Inc. News Release, August 20, 2013.