Atossa Genetics, which is developing testing technologies to detect the presence of breast cancer, has raised $6.6 million in new financing in an oversubscribed round. The Seattle company plans to use the funds to bring its MACST System to market, establish a new molecular diagnostics lab in the Northwest and hire sales professionals.
MACST, which stands for Mammary Aspirate Specimen Cytology Test, is an FDA-cleared test that the company describes as a “Pap test for breast cancer.” It use fluid from the nipple in a painless 5-minute procedure to determine if cancer cells are present. The company plans to launch the system in the Pacific Northwest this year with a nation roll out slated for 2012.
The MASCT system is designed to be used in conjunction with mammography for women ages 40 to 75.
“We believe the MASCT System holds great promise as an enabling technology that will empower doctors and their at-risk patients with information to aid them in developing appropriate monitoring and treatment strategies to help prevent breast cancer,” said Atossa CEO Steven Quay in a release.
Quay is the former CEO of Seattle area biotech company MDRNA.