On the eve of the American Cancer Society modifying its guidelines for screening for prostate cancer, a Yonkers-based company developing treatments for the disease has raised $7 million in funding.
Founded in 2002, Aureon Laboratories Inc. is developing methods to analyze patients”™ biopsy samples using molecular diagnostics and advanced imaging to better pinpoint cancer cells, helping doctors make better decisions as they prescribe treatment.
The company”™s backers include New Leaf Venture Partners L.L.C. of New York City, which recently purchased the antibiotics developer Vicuron Pharmaceuticals from Pfizer Inc., and Atlas Venture of Waltham, Mass., whose portfolio includes New Haven, Conn.-based Achillion Pharmaceuticals.
Last August, Aureon promoted former Quest Diagnostics Inc. executive Robert Shovlin from president to CEO, replacing Vijay Aggarwal who initially took a seat on the board of directors but who has since left the company entirely.
In January, Aureon hired Robert Van Nostrand as chief financial officer. He previously was CFO at AGI Dermatics and before that chief compliance officer with OSI Pharmaceuticals.
Shovlin and Van Nostrand are now on the investor road show, aiming to raise as much as $17 million in financing for Aureon, which is at 28 Wells Ave. in Yonkers. The company has jobs posted for both scientists and businesspeople with expertise in finance.
In 2006, the company began selling its recently renamed Post-Op Px test, which it says was the first diagnostic test to predict the chances of prostate cancer recurrence and disease progression after treatment.
At the recent International Robotic Urology Symposium in Las Vegas, Aureon presented new data that it said demonstrates Post-Op Px is more accurate than other approaches at predicting prostate cancer disease progression following prostatectomy.
In 2008, the company began selling Prostate Px+, which uses biopsy tissue to predict disease progression at diagnosis, prior to treatment.
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“Aureon”™s prognostic tests have been well received in the marketplace and we plan to extend and expand test capabilities in the future,” Shovlin said, in a prepared statement.
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It is currently estimated that 200,000 men in the U.S. will be diagnosed with prostate cancer this year, and 28,000 men will die of the disease.
As two big studies progress in the U.S. and Europe on prostate cancer screening, the American Cancer Society revised its diagnostic guidelines to say men age 50 or older should not automatically receive a prostate cancer exam, instead making an informed decision after discussing their risk profile with a doctor, and deferring to the doctor if the patient cannot decide whether to proceed with an exam.
For men who choose to be screened after discussing the pros and cons with their doctor, the new guidelines make the digital rectal exam optional, and offer the option of extending the time between screening for men with low prostate-specific antigen levels as revealed by a blood test.
ACS based the revised recommendation in part on questions of whether a false-positive result that could lead to unnecessary treatment. For men with elevated chances of prostate cancer due to family history or other reasons, ACS recommended tests be started as early as age 40.
Jason Alter, a spokesman for Aureon, said the company does not expect the new American Cancer Society guidelines to have any impact on its business outlook, saying its systems are used to determine treatments for patients that have already been diagnosed with prostate cancer.
Alter added the company has more than 75 employees and is hiring.
