A Newport Beach startup developing a blood-based breast cancer test has secured up to $30 million from an unnamed U.S. public retirement system, betting that molecular diagnostics can fill a persistent gap in screening for the roughly half of American women whose dense breast tissue makes standard mammography less effective.
Mammogen announced the Series A round in June 2026, saying the capital will fund a pivotal clinical trial of its genTRU-breast test and expand the company's laboratory infrastructure. The financing represents a substantial step up from the $2 million seed round the company raised in 2021.
At the heart of Mammogen's pitch is a frustrating reality in breast imaging: dense tissue—a mix of fibrous and glandular material—obscures tumors on mammograms while also elevating cancer risk. The National Cancer Institute estimates that 40 to 50 percent of women ages 40 to 74 have dense breasts, creating what amounts to a detection blind spot for millions.
The FDA formalized that concern in 2023. A mammography rule requiring breast density notification to patients took effect in September 2024, standardizing disclosure requirements that had varied widely by state. Women with dense tissue typically face supplemental screening through ultrasound, MRI, or contrast-enhanced mammography—each adding cost, complexity, and sometimes false alarms.
Mammogen's test measures 26 mRNA biomarkers in blood samples using RT-qPCR and computational analysis, according to GenomeWeb. The company positions it as a complement to imaging, not a replacement, aiming to identify which women need additional follow-up. CEO Elizabeth Cormier-May told GenomeWeb on Tuesday the company intends to bring the test to market at "no higher than $500."
The performance figures Mammogen has shared come from company-reported data presented at the San Antonio Breast Cancer Symposium in December 2023, showing sensitivity above 99 percent and specificity of 89 percent for Stage I breast cancer. Those numbers have not yet appeared in peer-reviewed publications. The company completed CLIA validation in August 2024 and now operates a certified lab.
Cormier-May, who co-founded the company after working as a medicinal chemist at Novartis, has a background in organic chemistry from Wheaton College and contributes to The Scientist. Marty Keiser, founder and chairman, also runs IV BioHoldings, the bio-innovation studio that incubated Mammogen alongside liquid biopsy programs targeting lung and liver cancers. Keiser holds the COO title at Mammogen as well.
The company brought on Elise Berman as chief medical officer in late June, three weeks after closing the Series A. Berman previously served as CMO at Delphinus Medical Technologies, a breast imaging company. Denise DeMan, founder and CEO of Bench International, chairs the board. The startup showed seven employees on LinkedIn as of earlier this fall, though that count may have shifted with recent hiring.
Mammogen said an IRB-approved pivotal study is underway, designed as a hybrid decentralized trial enrolling women with dense breasts. No registration appeared on ClinicalTrials.gov as of October 2026. The company described genTRU-breast as a triage tool to help reduce unnecessary biopsies following abnormal mammograms—a common pain point in breast screening workflows where false positives create anxiety and medical costs.
The competitive landscape for blood-based breast tests is beginning to take shape, though still early. Syantra's Onco-ID: Breast, a whole-blood mRNA test, reported sensitivity between 79 and 92 percent with 94 percent specificity in abstracts presented at AACR and the San Antonio symposium. Weill Cornell received a grant in 2024 to evaluate Syantra's assay. Astrin Biosciences announced in late September that its proteomics test, Certitude, is now available through OpenLoop Health.
GRAIL's Galleri multi-cancer test, which casts a wider net than Mammogen's breast-specific approach, came under FDA advisory committee review in September 2024.
"This financing reflects strong institutional confidence in Mammogen's trajectory," Keiser said in the company's June announcement, "and we believe the company is well-positioned to lead the next generation of molecular detection in women's health."
Whether that confidence translates into clinical validation and payer adoption remains the open question. For now, Mammogen has secured the runway to find out.
