Armune BioScience closes on $2.5 million round of financing

Armune BioScience, Inc. has completed its first round of financing, bringing in $2.5 million.

Financing will go toward the launch of the new test for prostate cancer developed by the company. Apifiny is a non-PSA blood test to aid in the early detection of prostate cancer.

Outgoing President and CEO Eli L. Thomssen says the test is already getting attention from urologists and the company is pleased with the financial support it has received.

Thomssen will now become the Chief Business Officer for the company. In his new role, he will focus on key business development initiatives and raising additional funding to support Armune BioScience.

The company says Thomssen will work to speed up progress on key milestones with existing tech partners and continue to work with strategic partners to support the company’s long-term growth. Thomssen has more than 40 years of business development experience in the life sciences field.

Stepping into the President and CEO spot for the company is David A. Esposito. He joined the Armune BioScience in June 2014 to create a  commercial strategy for Apifiny and expand the company’s sales and marketing efforts.

Board Chairman Donald R. Parfet says, “We are excited to have David assume the CEO role at the Company. His extensive experience in the industry will serve our commercialization efforts very well.”

Armune BioScience, Inc., was founded by the Apjohn Group, LLC, a business accelerator built by experienced health-care executives that brings together management talent and angel and seed financing, and a group of experienced life science professionals. Armune, incorporated as a Delaware Corporation, has its corporate headquarters in Kalamazoo, and a research and commercial laboratory facility in Ann Arbor. It is a medical diagnostics company formed to develop and commercialize unique proprietary technology exclusively licensed from the University of Michigan for diagnostic and prognostic tests for prostate, lung and breast cancers.

Source: Armune BioScience, Inc.