Allied Minds’ subsidiary raises $5.0m

Allied Minds’ subsidiary Precision Biopsy has raised an additional $5.0 million in new equity from the sale of additional Series A Preferred shares to investor Woodford Investment Management, as the company continues its global commercialization strategy for its ClariCore Biopsy System, a device platform designed to provide accurate, real-time classification of prostate tissue during biopsy procedures.

The funds will also be used to continue the development of the company’s Focal Therapy programme, which seeks to provide targeted, localised therapy to the prostate gland by using the same optical tissue-targeting technology found in the ClariCore system.

“We are delighted to receive the additional support from our leading institutional investor as we prepare to bring our ClariCore Biopsy System to market,” said Amir Tehrani, chief executive officer of Precision Biopsy. “We believe that the ClariCore system will help to improve the diagnostic process for millions of patients who undergo biopsy procedures each year to monitor for prostate cancer, the second-most deadly cancer in men after lung cancer.”

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