NEW YORK (GenomeWeb) – Rheumatology and autoimmune diagnostics firm Exagen Diagnostics has raised $3.95 million, it said in a regulatory document on Monday.

A spokesperson for the Vista, Calif.-based firm declined to comment, and Exagen did not name the investors in the financing round or say how proceeds would be used. According to a document filed with the US Securities and Exchange Commission, the type of securities offered included debt, and securities to be acquired upon the exercise of an option, warrant, or other right to acquire security.

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The New York Times looks into medical research funding in the US and how the grant system might not be funding the best work.

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