Prolocor Announces a Combined $5.2 Million in Funding From Seed Round and NIH SBIR Grant
PHILADELPHIA, August 16, 2022 (Newswire.com) - Prolocor, Inc., a healthcare startup developing an innovative precision diagnostic test with the potential to predict the risk of thrombosis by quantifying FcγRIIa on the surface of platelets, today announced the closing of an oversubscribed $3.2 million seed round. The round was led by Green Park & Golf Ventures, with participation from Labcorp and a group of angel investors.
Prolocor also announced the receipt of a $2 million Phase II grant from the Small Business Innovation Research (SBIR) program of the National Institutes of Health (NIH). Funds from this grant will be used to support the analytical validation of platelet expression of FcγRIIa as a precision tool.
Dr. Clay Heighten, Managing Partner at GPG Ventures, remarked, "We are inspired by the work of Co-Founder and CSO Dr. David Schneider in advancing the understanding of thrombotic risk in coronary artery disease and are excited to participate in moving the technology from the lab to the clinic. Dr. Peter DiBattiste is eminently qualified to coordinate the clinical studies, which are expected to prove the value of the Prolocor test."
There are 50 million people living with chronic coronary artery disease in the U.S., Europe and Japan. Of these, over two million suffer from acute coronary syndrome every year. In each case, the doctor and patient must decide whether to use more powerful therapy to prevent thrombosis — increasing the risk of bleeding — or less-intensive therapy — reducing bleeding risk at the expense of more thrombotic events such as heart attack, stroke and cardiovascular-related death. Prolocor's precision tool will guide treatment decisions, effectively matching the intensity of therapy with the risk of events.
According to Dr. DiBattiste, Co-Founder and CEO of Prolocor, "The combined funding from the seed round and the NIH SBIR grant will allow us to make significant progress towards validating FcγRIIa as a precision tool for patients with cardiovascular disease." With this funding in hand, the company plans to establish a CLIA-certified laboratory and complete an ongoing prospective, observational multicenter non-interventional cohort study in 800 patients who have experienced heart attacks.
ABOUT PROLOCOR, INC.
Founded by a team that deeply understands thrombosis and cardiovascular disease, Prolocor is building its strategy around platelet FcγRIIa and embarking on a journey to commercialize an innovative precision diagnostic test that quantifies FcγRIIa on the surface of platelets. For more information on Prolocor, please visit the company's website at www.prolocor.com and follow us on LinkedIn.
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words "expects," "anticipates," "believes," "intends," "estimates," "plans" and similar expressions. Although Prolocor's management believes that the expectations reflected in such forward-looking statements are reasonable, forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Prolocor, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, the uncertainties inherent in research and development, future clinical data and analysis, including post marketing, decisions by regulatory authorities regarding whether and when to approve any device or application that may be filed for any such product candidates and other matters that could affect the availability or commercial potential of such product candidates, the fact that product candidates if approved may not be commercially successful, the future approval and commercial success of therapeutic alternatives, Prolocor's ability to benefit from external growth opportunities, to complete related transactions and/or obtain regulatory clearances, and risks associated with intellectual property. Other than as required by applicable law, Prolocor does not undertake any obligation to update or revise any forward-looking information or statements.
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Source: Prolocor, Inc.