Vigilant announces completion of $2 million oversubscribed Series A financing

Vigilant Biosciences, Inc.Mar 25 2014

Vigilant Biosciences, Inc. ("Vigilant"), developer of the "rinse and spit" test for assessing early risk of oral cancer, today announced the successful completion of a $2.0 million, oversubscribed Series A financing. The company received $2.3 million in total proceeds, including a $300,000 loan from the Florida Institute for the Commercialization of Public Research Seed Capital Acceleration Program.

"Our investors recognize the immense and compelling opportunity for our products in both developed and developing countries," said Matthew H.J. Kim, Founder, Chairman, and CEO of Vigilant. Both of Kim's parents are oral cancer survivors. "Our products address critical needs in multiple markets and different healthcare environments…needs that have gone unmet for far too long."

Proceeds will support 510(k) clearance and CE Mark approval efforts while enabling the company to prepare for international product launch and to simultaneously advance other products in its pipeline.

Vigilant's initial development-stage products include low-cost, oral cancer-specific risk assessment kits. These kits provide immediate and simple color changes in the presence of certain levels of proteins clinically proven to be associated with early-onset of oral cancer - typically before a lesion is visually detected. The test can be applied to every adult, with particular emphasis on tobacco users, those who consume alcohol, and people with human papillomavirus (HPV) - collectively representing a $1 billion U.S. market opportunity and a multi-billion dollar opportunity worldwide.

Approximately 43,250 new cases in the U.S. and 640,000 people worldwide are diagnosed with oral cancer every year. More than half of these patients die from the disease within 5 years of diagnosis due to late-stage diagnosis and intervention. With the explosive growth of HPV infections forecasted to reach epidemic proportions, oral cancer rates, particularly among younger adults, are expected to grow significantly. Oral cancer treatment options include surgery, radiation and chemotherapy.