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Biovica Raises $3.6M in Private Offering

NEW YORK (GenomeWeb) – Swedish molecular diagnostics firm Biovica announced today that it has raised SEK30 million ($3.6 million) through an oversubscribed private offering of new shares.

The company markets DiviTum, a research-use-only ELISA-based biomarker assay that measures the activity of thymidine kinase (TK), an enzymatic biomarker associated with cancer cell proliferation and tumor aggressiveness, in serum or cell culture.

"This successful issue of new shares is an important step in the execution of our business plan, which aims to establish DiviTum as a unique test for evaluation of targeted cancer therapies," Biovica CEO Anders Rylander said in a statement.

In May, Biovica acquired cSens, which developed a PCR-based assay to analyze serum TK activity.