Final – Evaluate Diagnostics Just Secured $1 Million Funding!
Published Mar. 07, 2024
By Hopkins Medtech
On February 11, 2024, Evaluate Diagnostics, a pioneering spinout of the Hackensack Meridian Health Research Institute’s Center for Discovery and Innovation (HMCDI), announced securing $1 million in venture capital funding from Foundation Venture Capital Group, based in Princeton, New Jersey. This funding represents a significant milestone for the company, enabling it to accelerate the development and commercialization of its innovative diagnostic platform.
Evaluate Diagnostics aims to revolutionize disease detection with its groundbreaking approach that captures extracellular vesicles for early tumor and disease detection. Leveraging the cutting-edge research of Olivier Loudig, a member of HMCDI, the company aims to utilize liquid biopsies and next-generation sequencing technologies to detect RNA signatures associated with breast, lung, and prostate cancers, and beyond. We know that currently, the detection of samples taken from extracellular vesicles is quite rare. So, will this pave the way for Evaluate Diagnostics’ technology in the current fierce market competition?
This collaboration marks the first spinout of the Hackensack Meridian Health Research Institute（Hackensack Meridian John Theurer Cancer Center was named the Best Cancer Center in New Jersey for the years 2020-2021 by U.S. News & World Report, while HMH Kennedy Johnson Rehabilitation Institute was recognized as one of the top 30 rehabilitation hospitals nationwide by U.S. News & World Report.） and its Office of Innovation and Commercialization, highlighting the institution’s commitment to driving innovation in healthcare. David Perlin, Chief Scientific Officer, and Executive Vice President of the CDI, expressed enthusiasm for the potential of Evaluate Diagnostics’ technology: “Olivier Loudig’s work is pushing the boundaries of disease detection. We are excited to see this research translated into a commercial product that can benefit patients worldwide.
Foundation Venture Capital Group, an affiliate of the New Jersey Health Foundation, is dedicated to supporting early-stage health-related startup companies with commercialization potential. George Heinrich, Vice Chair, and CEO of NJHF and FVCG, emphasized the transformative potential of Evaluate Diagnostics’ research: “Evaluate Diagnostics’ research could be a game-changer, and we are committed to supporting their objective of successfully commercializing their technology for the benefit of all.
