Short description
OvaGene is an in-revenue growth company that develops and commercializes Molecular Diagnostics for women.
Description
OvaGene is an in-revenue growth company that develops and commercializes Molecular Diagnostics for women suffering from gynecologic cancers (ovarian, uterine and cervical cancers) and pre-cancer gynecologic conditions, a $1.2 Billion market niche with huge unmet needs. They focus on helping physicians with the diagnosis, prognosis, and selection of therapy for these difficult conditions. Their tests serve to lower toxicity exposure, avoid wasted time and the financial burden of ineffective chemotherapies.
Their experienced, passionate management team started OvaGene in Irvine, CA in 2010 after the successful sale of their previous company, Oncotech, in 2008. OvaGene's Founders have invested $1.8+Million in the initial capitalization of the company. They have established a state of the art Research Lab and CLIA approved, CAP certified fully functioning Clinical Laboratory with total capitalization of $5 Million . Five tests are now sold regionally in FL & SoCal with active sales from Korea as well. Sales have tripled the past Q with initial revenues and the excellent support of recurring sales from early adopting gynecologic oncology physician leaders. Two new diagnostic tests will be launched in 2014. They have a strong proprietary pipeline with validation studies now underway at leading academic Cancer Centers.
They expect cash flow positivity in 2015 and an exit opportunity for their investors in 15 to 24 months.
OvaGene is seeking $500,000 of Convertible Debenture funding (12% interest and 50% warrant coverage) to support the AR process, expand Sales & Marketing, support an additional new test launch in 4Q2014 and implement cost saving technologies that further strengthen their high direct test margins.
Total funding
$$43214321
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Location
Irvine, California, United States, North America
Founded on
June 1, 2010
Non-profit?
No
Acquired?
No
Employees count
11-50
Revenue range
$34056 - 789030
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Founders
Denise Chua, Frank J. Kiesner, Jay E. Coonan, William Ricketts