Biosystems International closes EUR2.1 million funding round

Biosystems International (BSI) SAS, Biotech Leader in the Development of Monoclonal Antibody Based Diagnostics for Cancer, Announced Today That it has Closed a Round of Funding Amounting to EUR2.1 Million ($2.7 Million).

Following the discovery of novel biomarkers for lung cancer, BSI launched the development of a new blood test for the detection of lung cancer in May, 2009. To complete development of the test and bring it to the market in 2011, BSI has raised EUR2.1 million, primarily from its principle investors.

The signing of the investment agreement continues a successful partnership among the contracting partners extending over several years. "The renewed commitment by our shareholders demonstrates their confidence in our lung cancer program. These funds will help to accelerate our entry to market," said Jean-Pierre Tirouflet, Chief Executive Officer of Biosystems International.

Lung Cancer Diagnosis

The lung cancer specific antibodies discovered by BSI demonstrate a sensitivity and specificity superior to 80% following testing on several clinical cohorts totaling over 700 cancer patients and controls (for comparison, the PSA test for prostate cancer screening has a lower sensitivity and lower specificity).

These antibodies were discovered using the proprietary monoclonal antibody proteomics platform developed by BSI.

The new diagnostic test provides hope to millions of patients around the world as it can detect the disease at an early stage when surgical intervention is still possible, increasing dramatically the chances for survival. A simple non-invasive blood test for the early detection of lung cancer has the potential to dramatically increase the survival rate, saving many lives and significantly lowering the financial burden to society.