Allied Minds subsidiary Precision Biopsy raises USD33.6m

Allied Minds’ subsidiary Precision Biopsy has raised $33.6m to accelerate the commercial expansion of its ClariCore biopsy system.

Allied Minds contributed around $16.6m to Precision Biopsy, upping the value of its 68.3% holding in the subsidiary to $61.8m from $45.6m.

ClariCore Biopsy System is a device platform designed to provide accurate, real-time classification of prostate tissue during biopsy procedures.

Precision Biopsy also plans to accelerate the development of its Focal Therapy program, which seeks to provide targeted, localised therapy to the prostate gland by using the same optical tissue-targeting technology found in the ClariCore system.

Omar Amirana, MD and senior vice president at Allied Minds said: “Precision Biopsy aims to offer a win-win to healthcare systems worldwide: physicians and patients will receive real-time information and detection, enabling better patient management decisions while helping the healthcare system overall run more efficiently and cost effectively.

This successful fundraising will help to accelerate its commercial expansion and marks a significant increase in the value of Allied Minds' holdings in the company."