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.
Â
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.
Â
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.
Â
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.
Â
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.