A3P Biomedical announces that it has raised SEK 110 million in growth capital from institutional and private investors in Sweden to fund the commercialization of Stockholm3, A3P’s superior prostate cancer test. Near-term, A3P will focus on accelerating the Nordic launch, as well as preparing commercialization in Europe and North America. Stockholm3 has in large clinical studies and in clinical practice demonstrated significantly better sensitivity and specificity than current practice.
A3P Biomedical announces that it has raised SEK 110 million in growth capital. In 2019, Stockholm3 was used by more than 20,000 men in Sweden and Norway. The new funds will be used to accelerate the Nordic launch of Stockholm3 and to prepare commercial activities in other markets. A3P is strengthening its management team, progressing product and regulatory development as well as market access and commercialization strategies.
“Stockholm3 has a unique potential in a compelling and growing market. Clinical data from almost 80,000 men demonstrate that Stockholm3 finds 100% more aggressive prostate cancers and reduce 50% of unnecessary biopsies compared current practice with PSA. This growth financing is important to kick-off the international roll-out of Stockholm3 and follows upon almost 750 million SEK in grant funding over the years” Martin Steinberg, CEO of A3P Biomedical.
About A3P Biomedical
A3P Biomedical is a private diagnostics company headquartered in Uppsala, Sweden, focusing on prostate cancer. A3P lead product is Stockholm3, a clinically and commercially validated blood test for early detection of aggressive prostate cancer. The test has been developed by scientists at Karolinska Institutet and validated in large clinical studies. A3P Biomedical’s mission and vision is to improve the lives of men by radically improving the precision in prostate cancer diagnostics and treatment, thereby significantly reducing mortality.
Stockholm3 is a blood test that combines protein markers, genetic markers, clinical data, and a proprietary algorithm, to predict the risk of aggressive prostate cancer. Stockholm3 finds 100% more aggressive prostate cancers and reduce 50% of unnecessary biopsies compared to current practice with PSA(1). Data from the pivotal study, including 58,000 men, was published in The Lancet Oncology in 2015(1). A total of SEK 750 million has been invested in clinical research, product development and market validation activities of Stockholm3.
Stockholm3 has not yet applied for national reimbursement in any country. However, based on robust peer-reviewed clinical data, leading Nordic healthcare providers such as Capio S:t Görans Hospital in Sweden and Stavanger University Hospital in Norway have replaced PSA with Stockholm3. Patients benefit from a more precise test (with increased sensitivity and specificity) and healthcare providers benefit from direct cost savings of 17-28%.