BioMarker Strategies raised $1.7 million in a private-placement funding round that occurred in conjunction with the Maryland Biotechnology Investment Incentive Tax Credit Program. The company is developing the patent-pending SnapPath™ to enable oncologists to determine the most effective drug treatment for their cancer patients.
SnapPath is an automated tumor biopsy processing and analysis system that is being designed to test a patient’s live solid tumor sample at the point of biopsy. The company is also developing a series of functional, pathway-based, ex vivo biomarker tests to help guide an oncologist’s use of targeted cancer therapeutics. Additionally, the SnapPath technology is also being designed to reduce patient waiting times for molecular diagnostic test results from weeks to hours.
During this funding round the largest investment came from the Abell Foundation, a charitable organization dedicated to the enhancement of the quality of life in Baltimore.
In April BioMarker Strategies received $75,000 from the Maryland Technology Transfer Fund and the Johnson & Johnson Corporate Office of Science & Technology.