NEW YORK (GenomeWeb) – TAI Diagnostics, a developer of diagnostic tests for monitoring the health of transplanted organs, said on Monday that it has closed a $10 million Series A preferred equity financing.
TAI will use proceeds from the new financing to support ongoing R&D on its PCR-based cell-free DNA transplant monitoring technology, clinical studies, and the upcoming commercial launch of its post-transplant monitoring assays performed in its CLIA- and CAP-accredited laboratory.
The Milwaukee, Wis.-based company has now raised more than $21 million since its inception, including $8.2 million in an initial Series A in 2015.
In addition, TAI said that it has entered into a collaboration with United Therapeutics to explore the use of its cfDNA technology as a companion diagnostic to support United Therapeutics' efforts to increase the supply of transplantable organs and tissues and improve patient outcomes through a variety of technologies. United Therapeutics also participated in TAI's preferred equity financing.
"United Therapeutics has demonstrated the ability to be a leader in therapeutics for pulmonary arterial hypertension and we believe they will also be transformational in organ transplantation," TAI Diagnostics CEO Frank Langley said in a statement.
"As we continue development toward our goal of creating an unlimited supply of transplantable organs, the importance of transplant monitoring is an area of interest, and TAI's cfDNA technology nicely complements our efforts," United Therapeutics Executive Vice President Paul Mahon said in a statement.