Precision Biopsy Receives Bioscience Discovery Evaluation Grant
Boston, Massachusetts – Precision Biopsy, LLC received a $250,000 grant from the state of Colorado and matched it with its own $250,000 fund to help develop a medical device that addresses the diagnostic and therapeutic challenges of prostate cancer patients and doctors. The Colorado legislature created the Bioscience Discovery Evaluation Grant Program to foster state industry development, supporting both new business development and quality jobs for Coloradans. The program supports technology transfer and commercialization with grants to early-stage companies whose technology is licensed from qualified research institutions.
Precision Biopsy’s technology employs an optical probe at the tip of a standard prostate biopsy needle, uses light spectroscopy measurements at the biopsy site, and a sophisticated tissue classification algorithm that determines the presence or absence of cancer on real-time basis. “Random transrectal prostate biopsies often fail to diagnose clinically important prostate cancer as well as accurate grade and stage this disease,” said Dr. Priya Werahera, Principle Investigator, University of Colorado at Denver. He continued, “The concentrations of natural fluorophores such as tryptophan in prostate tissue fluctuate with disease states; therefore, fluorescence spectroscopy can be used to quantify these fluctuations and thereby identify cancer.”
The Precision Biopsy solution will provide early diagnosis of clinically important prostate cancer, identify patients for definitive therapy, and eliminate unnecessary repeat biopsies. Our technology can be adapted into current urologic practice without any major changes. Physicians will have the ability to probe highly suspicious areas or hot spots within the prostate gland for tissue abnormalities prior to taking a biopsy. “The total cost of diagnostic and therapy for prostate cancer in the U.S. is $7 billion per year and we estimate our solution could save over $1 billion per year in diagnostic and therapy costs,” said Amir Tehrani, executive in residence at Precision Biopsy.
About Precision Biopsy, LLC
Precision Biopsy, LLC is a privately-held startup company formed by Allied Minds, Inc. in cooperation with the University of Colorado to commercialize a revolutionary optical biopsy technology designed to improve the accuracy and reliability of prostate biopsies and the diagnosis of prostate cancer. Website: www.precisionbiopsy.com
About Allied Minds, Inc.
Allied Minds is a U.S. capital investment firm with offices in Boston and Los Angeles. With over $200M in assets, the Company creates startup businesses based on early-stage technology developed at renowned U.S. universities and national labs, and serves as a holding company that supports these businesses with capital, management and shared services. Allied Minds is the premier firm to utilize this novel and fully integrated approach to technology investing. The Company’s subsidiary investments span multiple business sectors and offer an attractive risk-return profile, a deliverable timeline and potential products that will be groundbreaking in their respective fields. These subsidiaries include BA Logix, Biotectix, Cephalogics, CryoXtract, Illumasonix, ProGDerm, Precision Biopsy, Purtein, RF Biocidics, SaltCheck, SiEnergy Systems, SoundCure and Spin Transfer Technologies. For more information, please visit www.alliedminds.com.
