NEW YORK (GenomeWeb News) — Multiplexed biomarker testing lab Rules-Based Medicine has raised $25 million in a Series A round of private equity financing, the company said yesterday.
The Austin, Tex.-based shop said it plans to use the cash for aggressive growth in the services business, to fund development of diagnostics services and kits, to shore up its balance sheet, to repay debts, and to make acquisitions and investments in the biomarker and medical diagnostics fields.
In addition, RBM will use $12.5 million of the financing to pay Luminex under the terms of a lawsuit settlement disclosed earlier this week.
The financing was led by Equity Group Investments, and included contributions from Cross Creek Capital and Stephens Capital Partners.
As part of the funding, Matt Zell, managing director of EGI, has joined RBM's board of directors.