Teal Health, a women’s health company on a mission to eliminate cervical cancer in the US, has successfully raised a sum of $10 million in seed financing.
Led by Emerson Collective and Forerunner, the round saw further support coming from the company’s existing investors, such as Serena Ventures, Metrodora, as well as a new partner in Labcorp. Bringing Teal Health’s total funding till date to $23 million, the stated round will be leveraged to support the launch of what would be US market’s first FDA-approved at-home self-collect cervical cancer screening device.
Another detail worth a mention here is rooted in how the stated funding actually builds upon Teal securing a $1.68 million Small Business Innovation Research (SBIR) grant from the National Cancer Institute, along with FDA Breakthrough Device Designation. Together, all these achievements will make it possible for the company to advance its go-to-market strategy for thoughtfully designed and research-backed at-home cervical cancer screening.
“This investment allows us to bring Teal Health’s vision to life, getting our transformational screening solution into the hands of women. We’re here to create a new path forward, enabling women to take control of their health with confidence and ease. We’re deeply grateful to our investors, who are as committed as we are to eliminating cervical cancer and breaking down barriers to essential healthcare,” said Kara Egan, CEO of Teal Health,
To contextualize the picture further, Teal Health was basically conceived for helping more than 92 million U.S. women who do qualify for cervix screening in terms of age, but despite that being the case, 1 in 4 are still not able to access the said facility routinely because of limited availability and discomfort with the invasive exam. This problem becomes even more serious once you take into account how cervical cancer screening is a crucial part of women’s preventive health. It’s also the only cancer screening which starts as young as 21 and remains relevant for least forty years of a woman’s life.
The investment in question also comes at a time when the wider industry is shifting towards Primary HPV testing for cervical cancer screening. It also arrives on the back of United States Preventive Services Task Force (USPSTF) including self-collection in its recent draft recommendations.
You see, USPFTF would go on to state that self-collected HPV samples are as accurate as clinician-collected samples, while simultaneously deeming them as more effective in reaching underscreened individuals and historically underserved populations. A piece of data also claims that at-home self-collection can significantly boost screening rates.
“There is no shortage of reasons for wanting to improve on the traditional healthcare system, but one unequivocal truth is that many healthcare experiences are not built with the end consumer as the primary customer. This feels especially true for women’s health, despite women accounting for 80% of healthcare spending. Teal Health represents a unique opportunity to recreate the experience for one of women’s most routine and critical health screenings. Teal’s debut product is a prime example of how a dramatically better experience could mean dramatically better adherence,” said Nicole Johnson, a partner at Forerunner.
While we do know now about at-home testing being an effective alternative, we haven’t yet touched upon how, as per a recent nationwide clinical study conducted by Teal Health, 94% of women across all demographics also outright preferred at-home screening over traditional in-clinic screenings with a speculum and brush.
At present, Teal’s at-home cervical cancer screening device is under review with the FDA.
