Series A Investment to Fund Collaboration with Major Players
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Sand Hill Angels announced today that it joined with Life Science Angels to anchor a syndicated Series A investment of $1.6 million for OncoHealth Corporation. The move underscores the growing trend of angel investor groups joining forces to fund innovative, early-stage companies. Other investors in this oversubscribed round include Band of Angels, Emergent Medical Partners, Halo Fund, Tech Coast Angels, The Angels Forum, and Wilmington Investor Network.
“We are pleased to have Sand Hill Angels as an investor”
OncoHealth is developing novel diagnostics for cervical cancer and other potentially deadly cancers caused by the human papillomavirus (HPV). The funds, in part, support the company’s participation in a comparative study currently being conducted by the federal government and a national reference laboratory to evaluate OncoHealth’s technology.
“Companies trying to raise between $1 million and $4 million increasingly encounter a funding gap. The amount is too big for a single angel group and too small for most venture capitalists,” said Don Ross, Sand Hill Angels Board Director, Life Science Angels member, and OncoHealth Board Director. “As venture capital funds have abandoned funding at this level, syndications among angel groups have stepped up to support innovation and fund early stage companies.”
“We are pleased to have Sand Hill Angels as an investor,” said Winnie Wan, Ph.D., Chief Executive Officer of OncoHealth. “Their professionalism and domain expertise is outstanding. Their funding process is efficient, and they provide great added-value beyond their investment. Assembling a syndicate provided the funding we need to execute on our important collaborative study and to achieve key value-creation milestones.”
“OncoHealth is a big idea, and the commercial interest by major players is remarkable for a company at this early stage,” said Mr. Ross. “Unlike existing molecular diagnostic tests and the Pap test, OncoHealth’s testing technology is designed to differentiate stages of cancer progression.”
By identifying the true disease stage, OncoHealth has the potential to revolutionize cervical cancer testing. In the United States alone, OncoHealth tests could save more than 10 million women annually from unnecessary testing and unneeded treatments. The estimated savings to the US healthcare system would exceed $2.5 billion annually.
About Sand Hill Angels
Sand Hill Angels, Inc. is a Silicon Valley group comprised of accredited investors who are passionate about entrepreneurism. Having grown successful companies, SHA investors mentor and fund fledgling new companies. As a leader in the Silicon Valley startup ecosystem, SHA works openly and collaboratively with other angel organizations and venture capital funds. For more information, visit www.sandhillangels.com.
About OncoHealth Corp.
OncoHealth Corporation plans to commercialize unique proprietary tests for cervical cancer and other cancers associated with the human papillomavirus (HPV). OncoHealth's tests will enable clinicians to triage HPV-infected patients based on their cancer-progression status and select the most effective treatments. For more information, visit www.oncohealthcorp.com.
