According to The Australian Financial Review, early-stage biotech BCAL Diagnostics has closed a $4 million pre-IPO capital raise led by Citadel Group's Mark McConnell, which will fund clinical trials for a breakthrough low-cost breast cancer detection blood test.
Founded by healthcare industry veteran and former Vision Group executive Jayne Shaw with former NSW health minister Ron Phillips, the funding round comes after more than a decade of blood, sweat and tears, as well as personal investment, which has led to the commencement of a phase-one clinical trial.
In conjunction with scientists in the US, BCAL has identified a panel of 18 biomarkers, which in theory indicates whether a person has breast cancer based on changes to their lipids.
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