C2N Diagnostics LLC, a St. Louis-based biotechnology firm that created a blood test designed to help doctors detect Alzheimer's disease, has raised $15 million in funding it plans to use to enhance its technology.
C2N said the funding comes from the GHR Foundation, which focuses on Alzheimer's prevention, and builds upon a $20 million investment GHR provided to C2N in 2020. As part of the new financing, GHR Chief Operating Officer and Managing Director of Biomedical Programs Fred Miller will be a board observer at C2N.
"C2N has made great progress since our initial program-related investment in 2020. GHR continues to believe that C2N’s technology will play a critical role in the early and accurate diagnosis of Alzheimer’s disease. We look forward to deepening our partnership with the C2N team and supporting the next phase of their work," Miller said.
Founded in 2007, C2N Diagnostics has developed the PrecivityAD blood test, which is used by doctors to assist with diagnosis of Alzheimer's disease. C2N rolled out the test in 2020 and has billed itself as the first company to offer a widely accessible blood test for the disease.
C2N said it plans to use its funding for C2N for development of PrecivityAD2, a second version of its blood test. It said it anticipate the test having “similar accuracy” to other Alzheimer's diagnostic tools, including PET imaging cerebrospinal fluid analysis, in diagnosing Alzheimer's while offering wider accessibility and affordability for patients. Additionally, C2N said the funding from GHR will be used to get ready for what it expects will be growing demand for its test as it expands.
“Our team is committed to helping patients with cognitive impairment receive a timely and accurate diagnosis so that they may begin a proper treatment plan. Having GHR Foundation by our side enables us to amplify our impact and global presence, thereby bringing us one step closer to realizing our full ambitions," said Joel Braunstein, C2N's president and CEO.
C2N has its headquarters inside the BioSTL Building at 4340 Duncan Ave. in the Cortex innovation district.
