Promising biotechnology company, Precision Therapeutics, announced this week that it’s on course to close on more than $30 million in venture capital funds, the largest round ever received by the company.
Negotiations are ongoing, but CEO Sean McDonald says the round should be finalized within the week. The funds were raised by several Pittsburgh-based venture capitalists who’ve supported Precision in the past: Adams Capital Management, Birchmere Ventures and Draper Triangle Ventures.
“They’re also helping to bring people in from the outside and we will have new people involved as well,” says McDonald, who was named the regional Ernst & Young Entrepreneur of the Year in June.
“It’s always exciting,” McDonald adds. “The company expects to grow. We will continue to focus on clinical development of the product and clinical validation in helping to provide physicians with the tools to treat cancer more effectively.”
Precision plans to add 40 people this year to its existing staff of 118. Within two years the company plans to double in size. New hires will range from physicians to scientists, technicians and lab jobs.
Precision’s ChemoFx is a cell-based test that examines the likelihood of specific patient's tumor response to a broad range of existing, novel and combination chemotherapies. Research is ongoing to refine and improve the technology, which originally targeted gynecologic cancer patients and was expanded to include breast cancer patients.
The company has enough space at its South Side facility for now but is keeping its options open and may seek to expand next year, McDonald says.
Writer: Debra Smit
Source: Sean McDonald, Precision Therapeutics