Ascendant Dx Developing Early Breast Cancer Detection Test

Photo Submitted

FAYETTEVILLE, Ark. —Ascendant Dx recently closed a $2 million investment round that will help it carry out clinical trials and commercialization of an early breast cancer detection test.

Launched in 2010, Ascendant Dx develops and commercializes high-value proteomics-based diagnostic tests. Formerly known as Ascendant Diagnostics, the biotech firm is headquartered at the Arkansas Research and Technology Park in Fayetteville. The University of Arkansas Technology Development Foundation manages the park.

The average non-high risk American woman will undergo at least one, if not more, biopsies to evaluate a suspicious mass within her lifetime. Women within the high-risk population will undergo multiple biopsies as well as endure more frequent follow up breast imaging tests. The costs associated with biopsy and follow up imaging procedures in the United States exceeds $2.3 billion per year.

In an effort to provide an alternative to biopsy, as well as reduce overall medical costs, Ascendant Dx’s first product — MelodyDx — will be a panel of biomarkers, which distinguishes a malignant breast mass from benign tissue.

“MelodyDx is a patent-pending biomarker panel, which distinguishes differences in proteins present in human tears in order to detect breast cancer,” says Omid Moghadam, chief executive officer of Ascendant Dx. “The goal of our screening tool is to improve breast cancer detection at earlier stages. Closing this round will help us bring this and other innovative new diagnostic tests to market, starting with our breast screening product.”

Investors in the funding round included a mix of strategic and private investors, as well as the Arkansas Economic Development Authority, and Arkansas Science and Technology Administration.

In addition to completing its successful funding round, Ascendant Dx also has expanded its board of directors, from three to five.

The new appointees are Dr. Brigitte Piniewski, chief medical officer of PeaceHealth Laboratories in Vancouver, Washington; and Ran Whitehead, chief executive officer of PeaceHealth Laboratories. Whitehead will serve as board observer.

PeaceHealth Laboratories has operations in Oregon, Washington and Alaska and offers specialty laboratory testing across the United States.

“The addition of two high level executives from PeaceHealth Laboratories, an organization known for innovation in high complexity clinical diagnostics, will contribute to our success in introduction of new tests to market,” Moghadam said.

Ascendant Dx is a portfolio company of VIC Technology Venture Development, a privately held firm based at the Innovation Center at the Arkansas Research and Technology Park.