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Tissue Microarrays Part of Metamark Genetics' Cancer Diagnostics Efforts

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By Justin Petrone

Cancer diagnostics startup Metamark Genetics is using tissue microarrays to develop assays that will guide treatment for cancer patients.

A company spokesperson told BioArray News last week that the Cambridge, Mass.-based firm is using TMAs, as well as other technologies, as part of its effort to develop its Prognosis Determinants system. The spokesperson declined to discuss what other technologies are being used in the system.

Metamark has identified and validated functionally active genetic determinants of metastasis "critical to the progression of a broad spectrum of tumor types," according to its website. The company is developing diagnostic assays based on its discoveries.

Some of the firm's co-founders and personnel have experience with TMA technology. Co-founder David Rimm, who is a consultant to the company, is director of the Yale Tissue Microarray Facility.

Metamark disclosed last week in a filing with the US Securities and Exchange Commission that it raised about $22 million in a Series B round of financing. The company is targeting about $42 million in total, it said. Among the participants in the round were directors and executives at the Cambridge, Mass.-based firm, which said that it intends the offering to last more than one year. It is not related to a business combination transaction, such as a merger, acquisition, or exchange offer, Metamark said in its filing.

Metamark said in a statement released last week that the lead investor in the round has an obligation to purchase up to an aggregate of $8 million of additional preferred stock. Proceeds will be used to expand Metamark's research and development efforts and clinical testing infrastructure, and establish its commercial organization, the firm said.

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