Medical diagnostic company CanDiag, a startup based on research from from the University of North Carolina Charlotte, is raising $1.3 million in financing.
Securities filings show that CanDiag has raised $461,000 so far from four investors so far in an offering that is a mix of equity and options, warrants and rights to acquire other securities.
CanDiag was founded in 2010 by Pinku Mukherjee, a professor of cancer research at UNCC. The company, which is still based on the UNCC campus, has licensed from the university a tumor antibody that has diagnostic applications. The company’s first target is to develop a blood test for the early detection of breast cancer.
CanDiag also has an exclusive license to develop therapeutic applications. The company says the antibody could also be used to develop imaging applications to locate cancer sites as well as for targeted drug delivery to treat cancers.
CanDiag last October raised $500,000 in financing from angel investors. The company said at that time that the terms of the investment gave the syndicate of investors the option of making an additional investment of up to $1 million in the next year.