Progentec Secures $5M Series A Funding to Commercialize Digital Diagnostics for Lupus

VCBeat (WeChat ID: vcbeat) learned from foreign media that on January 8, 2020, U.S. biomedical diagnostics company Progentec announced the completion of a $5 million Series A financing round, led by Plains Venture Partners, Oklahoma Seed Capital Fund, and Oklahoma Angel Capital Fund II.

Progentec, founded on July 21, 2015, and headquartered in Oklahoma, USA, is a cutting-edge company dedicated to developing next-generation diagnostics and digital therapeutics for the treatment of autoimmune diseases. The company collaborates with research institutions and individuals worldwide, aiming to bring the latest technologies into the field of diagnostics.

Upon completion of this funding round, Progentec plans to use the proceeds to commercialize aiSLE DX, a flare prediction test (a novel blood-based biomarker laboratory assay for predicting systemic lupus erythematosus (SLE) flares), conduct new research on digital biomarkers, and provide remote therapeutic services. The company intends to launch its aiSLE DX lupus classification diagnostic test in the market by mid-year.

Lupus is a chronic autoimmune disease with devastating effects, primarily affecting women aged 15–45, and is often not diagnosed in its early stages. Data from 35% of patients diagnosed with systemic lupus erythematosus (SLE) indicate that they consulted six or more physicians before receiving a confirmed diagnosis. This means that, without treatment, patients must cope with the disease symptoms on their own, potentially delaying therapy and leading to irreversible organ damage and even death.

Since its inception, Progentec has been dedicated to research integrating clinically validated diagnostic interventions with digital technologies. The company states that its biomarker tests can remove barriers to the difficult diagnosis of lupus, while the digital tools it is developing are designed to ensure active patient engagement in treatment, thereby improving therapeutic outcomes and reducing costs.

Mohan Purushothaman, CEO of Progentec, stated, “With this funding, we can realize our vision of providing a more comprehensive solution for lupus patients. By combining the high sensitivity and specificity of our proprietary blood biomarkers with continuous remote digital monitoring, this approach will benefit millions of lupus patients worldwide.”

Scott Meacham, Manager at Plains Venture Partners and President and CEO of i2E Management Company, stated, “Progentec’s aiSLE DX and other diagnostic tools, when combined with digital technologies, can help patients, clinicians, and payers develop personalized treatment plans that will have a significant and meaningful impact on quality of life and healthcare costs.”

Oklahoma Seed Capital Fund is a seed-stage venture capital firm headquartered in Oklahoma, United States. To date, the firm has completed 11 investments.

(Compiled by: Yang Xiaohui)