DeNovo Sciences has closed on a Series A round of investment worth $2 million earlier this month, allowing the life sciences startup to start fundraising for a Series B in 2015.
"We are in very good shape (from a monetary standpoint)," says Kalyan Handique, president & CEO of DeNovo Sciences.
The Plymouth-based startup, it calls the Michigan Life Sciences and Innovation Center home, got its start in Ypsilanti in 2011 developing a platform for early detection of cancer from blood samples. The idea is to create an less-invasive method than the traditionally painful route of biopsies. It won the top prize worth $500,000 in the 2012 Accelerate Michigan Innovation Competition. The Series A consists of all new money from angel investors and pre-seed funds.
DeNovo Sciences has developed a fully automated system to detect cancer, primarily breast and colon cancers. Two of those systems are currently in use in medical centers in the Middle East and Asia. The startup also has purchase orders for two more locations, including one in the U.S.
"We are actively engaged with more customers around the world," Handique says. "We hope to see more orders next year."
DeNovo Sciences has a staff of nine employees, nine independent contractors and one intern. It has hired three people over the last year, including software developers and clinical researchers.
Source: Kalyan Handique, president & CEO of DeNovo Sciences
Writer: Jon Zemke