Nov 07, 2014
BioGenerator, an investment and entrepreneur support organization, has invested pre-seed funds into a new, innovative company, Prostate Management Diagnostics Inc. (PMDI). PMDI is the result of a partnership between the Peter Michael Foundation and The Genome Institute at Washington University School of Medicine that will commercialize breakthrough research for prostate cancer.
BioGenerator invested $100,000 from its pre-seed fund into PMDI’s first Series A round, which totaled $1.06 million. “BioGenerator is excited to be an early investor in PMDI,” said Paul Olivo, M.D., entrepreneur-in-residence at BioGenerator. “They have a unique funding model and world-class scientists working to solve a problem that affects nearly 200,000 men in the United States each year.”
PMDI is based on scientific findings by Dr. Elaine Mardis, Co-Director of The Genome Institute at Washington University St. Louis and Dr. Christopher Maher, Assistant Director at The Genome Institute. PMDI will use the funding to continue research on groundbreaking genomic tests to aid in the diagnosis and prognosis of prostate cancer. The initial assay test may help reduce unnecessary invasive treatments for a large majority of patients diagnosed with an early stage of the disease. Future tests will be developed to monitor patients with a slow-growing type of the disease that may be at risk of conversion to an aggressive form. PMDI’s final goal is to create a simple screening test to identify at-risk men with no prior symptoms of the disease.
The Peter Michael Foundation is a nonprofit that focuses exclusively on prostate cancer with a long history of underwriting diagnostic and treatment research. Their unique partnership with The Genome Institute led to the formation of PMDI and will allow for commercialization of promising academic research. PMDI is the first company created from the Peter Michael Foundation’s new partnership model to advance research of prostate cancer. Experienced venture capitalists Chris Ehrlich and Doug Fisher, M.D. are also founders of the company.
As part of the funding, BioGenerator Vice President Charlie Bolten will sit on the company’s board of directors. Olivo will work closely with PMDI around translational research and strategy. The funding of PMDI represents BioGenerator’s commitment to launch and grow successful St. Louis bioscience companies that can change the world.
BioGenerator produces a sustained pipeline of successful bioscience companies and entrepreneurs in St. Louis by creating, funding, and growing promising new enterprises. BioGenerator is a nonprofit subsidiary of BioSTL, which advances St. Louis’ prosperity by cultivating a thriving bioscience sector, building regional capacity to capitalize on St. Louis’ world class medical and plant biosciences. Please visit www.BioGenerator.org for additional information. Follow BioGenerator on Twitter @BioGeneratorSTL. Pre-seed funds will help commercialize Washington University research on prostate cancer