Armune BioScience closed on a newly expanded Series A worth $4 million last week, and the life sciences firms has its eyes on even bigger things this year.
"We're on hunt for a $25 million Series B round," says David Esposito, president & CEO of Armune BioScience
. "We have brought on Mavericks Capital
out of Palo Alto to help us land it."
The Kalamazoo-based company, it also has a laboratory in Ann Arbor, is developing an innovative, non-PSA blood test to aid in the early detection of prostate cancer. Apifiny went to market last year with Armune BioScience hope to sell 1,500 tests.
"We have done a little more than 5,000 billable tests," Esposito says. "That exceeded our expectations for the test for our first year on the market."
That growth allowed Armune BioScience to expand its Series A by $1.5 million. It also prompted the company to hire another three people, all of them medical techs, for the Ann Arbor lab. The company now employs 10 salaried employees and another 10 consultants. The new infusion of seed capital is expected to add more staff this year.
"We'll probably go another five people in the laboratory by the end of the year," Esposito says. "Those will probably be medical techs and PhDs."
Source: David Esposito, president & CEO of Armune BioScience
Writer: Jon Zemke
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