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Molecular Diagnostics Startup CeMines Closes First Round of Funding

Mar 02, 2004

NEW YORK, March 2 (GenomeWeb News) - CeMines, a molecular diagnostics and therapeutics startup based in Evergreen, Colo., has closed Round A funding in the "low seven figures," a company spokesman said today.

CeMines CEO Bailey Dotson said the company is "within 60 days of mass production" for a test kit for the early detection of cancer based on its Molecular FingerPrinting technology, which detects antibodies produced by the body in response to early-stage cancer.

Dotson said that the test kit will be used in large-scale clinical trials at "several world-class medical facilities." According to the company's website, CeMines will price its tests between $100 and $500 each.

CeMines plans to use the Round A private-placement financing to "fast forward" development of the cancer detection test, Dotson said. Discussions for a Round B funding are underway, she added. The company expects to complete that round of funding by the end of the summer.

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