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Myconostica Raises $7.7M in Series C Financing

NEW YORK (GenomeWeb News) – Myconostica, a molecular diagnostics spinout from the University of Manchester in the UK, has raised £3.9 million ($7.7 million) at £40 ($79) per share in a Series C financing.
 
The firm previously raised £500,000 in the Series C round, which included investments from London-based Amphion Innovations, Boston-based Nexus Medical Partners, and France-based Innoven Partenaires, as well as several other unnamed UK and international investors. Following this round of funding, Amphion owns 25 percent of Myconostica, which is currently valued at £12 million, according to Amphion.
 
Myconostica is developing real-time molecular diagnostic tests for a variety of life-threatening fungal infections. The funds raised in the most recent round of financing will be used to support commercialization of the firm’s first products: FXG RESP (ASP+), which is a test for aspergillus and pneumocystis, and an associated fungal extraction system called MycXtra.
 
These products are in the final stages of CE marking in Europe, Amphion said, and the firm expects a US launch in the fourth quarter of this year.
 
In connection with the funding, Myconostica has named Edwin Snape, co-founder and head of the healthcare practice at Nexus Medical Partners, to its board of directors.

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