Proseek Bio raises AU$1.5m for ovarian cancer blood test

Australian startup Proseek Bio has raised AU$1.5m in an oversubscribed seed round to commercialise its ovarian cancer blood test.

With up to 80 per cent of surgeries for suspected ovarian cancer coming back benign, the company says better diagnostics are urgently needed.

Proseek Bio says its test is designed to support earlier and more precise clinical decision-making, while improving referral pathways and reducing unnecessary surgery.

OC-Triage is a blood-test-based ovarian cancer detection test that identifies specific glycoproteins, which are proteins that can indicate a future likelihood of ovarian cancer.

Proseek Bio says it could change how women are triaged for diagnostic surgery.

Founded by Michelle Hill, Proseek Bio says it has future applications beyond ovarian cancer, including endometriosis triage and other women’s health diagnostics.

The company said in a statement: “This funding will support the next stage of development for OC-Triage, our blood-based test for ovarian cancer, as we move toward clinical lab deployment and validation.”

Proseek Bio says women’s health has long been framed as “niche” or an “impact category” but says it is in fact one of the most mispriced opportunities in healthcare.

Ovarian cancer is one of the most lethal gynaecological cancers and more than 15,000 women in Australia undergo diagnostic surgery for ovarian cancer each year, with many cases diagnosed too late.

The five-year survival rate for ovarian cancer today is the same as the five-year survival rate for all cancers in 1975.

“We’re now seeing that shift: capital is beginning to catch up to the scale of both the clinical need and the commercial potential,” the company said.

“OC-Triage is designed to support earlier and more precise clinical decision-making, improving referral pathways and reducing unnecessary or delayed surgery.”

Proseek Bio says it is now preparing to pursue a Series A raise focused on market entry, clinical studies and regulatory progression.