New York, NY: AOA Dx, a startup biotech company developing the first early detection test for ovarian cancer, is announcing an oversubscribed $17 million round led by Good Growth Capital with participation from leading investors including RH Capital, Y Combinator, Astia Fund, Adaptive Capital Partners, Gore Range Capital, LongeVC, The Helm, VU Venture Partners, and FemHealth Ventures, along with strategic diagnostic investors, including Labcorp Venture Fund. Several funds invested for the second time, underpinning the continuous success of AOA Dx across the last year.
“We are really excited about our syndicate of investors, and that it includes strategic partners like Labcorp Venture Fund that lend diagnostic industry expertise to support AOA Dx’s mission in changing the paradigm in cancer detection,” said Oriana Papin-Zoghbi, CEO and Co-Founder of AOA Dx.
To date, AOA Dx has raised a total of $24 million. The new funding will be used to open new lab facilities, expand their ovarian cancer prospective clinical trial (OVERT), and further develop the GlycoLocate™ platform into various new cancer areas.
“AOA Dx is at the forefront of innovating the field of glycolipids through the utilization of tumor marker gangliosides, the next class of biomarkers in early cancer detection. With an initial focus on ovarian cancer, their pioneering platform technology, GlycoLocate™, will harness novel biomarkers through the power of data science, offering significant improvements in early detection of cancer. We are proud to support and invest in AOA Dx as they reach this important milestone for early detection of ovarian cancer. We believe this company is going to make a real impact on healthcare” said Amy Salzhauer, Founder and Managing Partner of Good Growth Capital
Ovarian cancer ranks as the fifth highest contributor to cancer-related fatalities amongst women. A staggering 94% of women exhibit symptoms as early as Stage I, yet 80% of all cases are diagnosed in Stage III or IV. For cancers identified beyond Stage I or II, the survival rate stands at a mere 28%, accompanied by a 94% recurrence rate. Projections indicate a concerning 55% surge in new cases and a 67% escalation in fatalities by the year 2035. Early detection is imperative to improve survival rates and help providers make quick and informed decisions pertaining to patient health. In a recent peer reviewed publication, AOA’s technology demonstrated over 90% sensitivity and specificity to diagnose ovarian cancer across all stages.
“The ovarian cancer survival rates are unacceptable. We need to do better for women by developing solutions that are not just marginally better, but exponentially better. AOA Dx is proud to join the forefront of the fight against ovarian cancer deaths. Together we can improve the diagnostic pathway for ovarian cancer patients, and prove the diagnostic capabilities of tumor marker gangliosides as the next frontier in early cancer detection” said Oriana Papin-Zoghbi, CEO and Co-Founder of AOA Dx.