Protean BioDiagnostics
For any business, but especially for small businesses, growth requires investment. Typically, that investment requires access to capital. For Protean BioDiagnostics, a groundbreaking innovator in precision oncology and cancer diagnostics, and its President and CEO, Dr. Anthony Magliocco, additional funding was the key that would unlock significant opportunities presented by revolutionary treatment advances for patients with cancer. But where could he turn to for help obtaining additional capital? Dr. Magliocco found the answers he needed from the Florida Small Business Development Center at the University of Central Florida (FSBDC at UCF).
Protean BioDiagnostics provides cancer profiling, next generation diagnostics, and data integration services and solutions. The company has developed a platform technology called Protean MAPS® to help guide doctors and patients regarding how to optimally treat cancer. “Our technology includes advanced and unique tests for early detection of cancer,” Dr. Magliocco states proudly, “as well as a guidance system to help doctors pick the right tests. In addition, we manage all that information for our doctors and patients to enable them to make effective treatment decisions.”
With that as the backdrop, Dr. Magliocco was eager to expand his business. He connected with the Florida SBDC at UCF and took advantage of its technical services, including no-cost, expert business consulting, training, and access to market research and data. “I was quite delighted about the services and about how they could help us develop our business,” Dr. Magliocco recalls.
Given Protean and Dr. Magliocco’s specific needs, John Hickle, an FSBDC consultant specializing in access to capital engagements, stepped in to offer guidance. “I found working with John really valuable,” Dr. Magliocco explains, “because John had really long and deep experience in the capital field, not only with the FSBDC but with other organizations. He was well equipped to guide me about things like SBA loans, about other sources of capital, and also ones to try to avoid. In addition, there are government agencies that we would like to work with, like the Veterans Administration, and the SBDC supplied really invaluable help connecting to those groups.”
Supported by the FSBDC, Dr. Magliocco quickly achieved his primary objective: unlocking new funding. “We were successful in obtaining an SBA loan and we’re continuing to look to bring in additional loans,” Dr. Magliocco summarized. “It was a tremendous experience and extremely pleasant working with the FSBDC and actually very successful. We raised over $300,000 on very good terms working together with them, which will help with corporate growth and debt consolidation.
“If I had to use one word to describe the FSBDC, it would be ‘helpful’” concluded Dr. Magliocco. “They were there to guide me through and help me every step of the way. I would encourage others to reach out, explore for yourself, and see the incredible value that can be delivered by working with the FSBDC.”
For information about Protean BioDiagnostics, please visit https://www.proteanbiodx.com/ .
