On January 17, 2024, Cleveland Diagnostics, a clinical-stage biotechnology company developing next-generation diagnostic tests for the early detection of cancers, announced the closing of over $75 million in growth capital financing led by Novo Holdings with participation from existing investors as well as a credit facility from Symbiotic Capital. Wilson Sonsini Goodrich & Rosati represented Cleveland Diagnostics on the transaction.

Cleveland Diagnostics’ IsoPSA® is a blood test used to further stratify the risk of prostate cancer and aid in biopsy decisions for men identified at higher risk based on results from screening methods, such as PSA testing. Cleveland Diagnostics’ portfolio of oncology related tests will be expanding beyond prostate cancer into additional indications in 2024. The financing will accelerate the commercial strategy of IsoPSA®, fund expanded infrastructure and R&D pipeline development, and broaden the geographic scope of its novel IsoPSA® prostate cancer test.

The Wilson Sonsini team that represented Cleveland Diagnostics on the transaction was led by Martin Waters, Tim Conroy, Meghan Burton, and Trevor Dorne.

For more information, please see Cleveland Diagnostics' news release.