CHICAGO (CBS) — A biotech company in Gary, Indiana is getting a big boost to develop its breast cancer testing technology.

A Philadelphia life sciences investment fund has agreed to help fund IVDiagnostics‘ development of the Velox diagnostic test, which may lead to earlier diagnosis of breast cancer. WBBM’s Jim Gudas reports.

Frank Szcepanski is the president and CEO of IVDiagnostics, and talked about Velox on one of the company’s website videos.

“The technology that IVDiagnostics is developing will change the paradigm on how clinicians monitor, diagnose, and treat metastatic cancer,” he said.

“Present methods of detecting cancer are based on finding a solid tumor, by which time most patients are already diagnosed at stage two or worse.”

The Velox test detects breast cancer cells, which could speed diagnosis and improve chances for successful treatment.

IVDiagnostics is seeking FDA approval – a lengthy process that requires extensive testing – so it can bring Velox to market.