MINNETONKA, Minnesota — Early stage company Martell Biosystems is looking to reel in $3 million in venture capital to develop an in vitro blood test for cancer.
The company would also use the funding to relocate to the Minnesota BioBusiness Center in Rochester, near the Mayo Clinic. The company’s looking to lease about 4,500 square feet for research and development labs and office space, GenomeWeb News reported.
Based on technology developed at the University of Pennsylvania, Martell’s blood test is noninvasive, eliminating the need for a biopsy. Martell believes the test can be used to detect various types of cancer, including ovarian and colon, though the company is initially focusing on breast cancer. In vitro, Latin for “within glass,” refers to procedures performed within a test tube.
With the Rise of AI, What IP Disputes in Healthcare Are Likely to Emerge?
Munck Wilson Mandala Partner Greg Howison shared his perspective on some of the legal ramifications around AI, IP, connected devices and the data they generate, in response to emailed questions.
Martell has signed a term sheet with the University of Pennsylvania and will use the venture funding to finalize a license agreement with the university, GenomeWeb reported.
Thus far, the company has garnered about $500,000 in funding through angel investors and state grants. The company hopes to be acquired within five years and recording sales of $40 million in that time. Before that, its test will need to be cleared by the U.S. Food and Drug Administration for sales and marketing.
Company officials did not respond to a request for comment.
