NEW YORK (GenomeWeb News) – Heidelberg, Germany-based mtm laboratories said today that it has raised an additional €9.6 million ($15.3 million) in its Series C round of private financing.
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The investment marks the third tranche in the Series C round, which has brought in a total of €31.6 million.
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mtm said it will use the funds to expand clinical and commercial development for its p16INK4a biomarker-based tests CINtec and Cervatec. CINtec is being developed to detect overexpression of the biomarker in biopsies and cervical cytology specimens. Its recently launched Cervatec assay uses ELISA technology for detection of pINK4a over-expression.
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HBM BioVentures and HBM BioCapital led the Series C round, with additional investments from Wellington Partners, Mannheim Holdings, Heidelberg Innovation, Nexus Medical Partners, and new investor National Technology Enterprises Company of Kuwait, which contributed €2.25 million to the most recent tranche.