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Venture Capital News: Progentec Raises $5M in Series A

OKLAHOMA CITY, OK, Progentec has completed a $5 million Series A funding round.
Progentec, a leader in the development of nextgen diagnostics and digital therapeutics for the management of autoimmune diseases, announced today that it has completed a $5 million Series A funding round led by Plains Venture Partners, the Oklahoma Seed Capital Fund and the Oklahoma Angel Capital Fund II, managed by i2E Management Company (Oklahoma City), with participation from NMC Health (Abu Dhabi), OCA Ventures (Chicago), Stanford University (Stanford), the Oklahoma Medical Research Foundation (Oklahoma City), Mayo Clinic, and Burns & Stowers Investments LLC (Norman, OK). The funding round provides go-to-market capital for Progentec's CLIA laboratory and digital technologies for the management of lupus.

"With these funds we will be able to realize our vision of providing a comprehensive solution for management of lupus patients that combines proprietary blood biomarkers with high levels of sensitivity and specificity with continuous remote digital monitoring to benefit millions of lupus patients world-wide," said Progentec's CEO, Mohan Purushothaman. "In early 2020, Progentec will launch the aiSLE DX biomarker assay for early prediction of lupus flares. Later this year, Progentec will launch an enhanced lupus disease diagnosis assay to correctly diagnose/classify lupus patients. These tests will support rheumatologists in making proactive treatment decisions to ensure better outcomes while reducing costs."

The technology that powers the aiSLE DX test for Flare Prediction was featured at the 2019 ACR/ARP Annual Meeting during the ACR 19 Spotlight Slide Deck program. Progentec's Dr. Melissa Munroe presented the research.

"Nextgen diagnostics are changing the world of healthcare by pairing unique blood-based biomarkers with digital biomarkers to improve patient outcomes while lowering the cost of disease management," said Scott Meacham, the President and CEO of i2E Management Company, the fund manager for Plains Venture Partners, the Oklahoma Seed Capital Fund, and the Oklahoma Angel Capital Fund II. "Progentec's aiSLE DX and other diagnostic tools paired with digital technologies will help patients, clinicians, and payors identify individualized treatment plans that can have significant and meaningful impact both on quality of life and cost of care."

This funding will also support new research into digital biomarkers and remote delivery of digital therapeutic programs. "The cyclical nature of lupus isn't just hard for doctors to manage. It's hard on patients," said Arif Sorathia, Progentec's Director of Digital Products. "We are finding digital signals that help Lupus Warriors understand their individual patient journey."

About Progentec Diagnostics, Inc.
Progentec is committed to improving access and health outcomes for patients in therapeutic areas with a high level of unmet need by combining clinically-validated diagnostic interventions with state-of-the-art digital technologies. Through collaborations with research institutions and health practitioners around the world, Progentec is working to reduce mortality and morbidity while improving care management and service delivery for chronic health conditions.
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