RBM Lands $25M in Series A Investment Round
Rules-Based Medicine this week announced that it has raised $25 million in private financing.
Equity Group Investments led the Series A investment round, which also included Cross Creek Capital, the private equity affiliate of Wasatch Advisors, and Stephens Capital Partners.
The financing will provide growth capital, debt repayment, and funding for acquisitions and investments to discover and validate biomarkers for medical diagnostics, according to RBM.
Cytomics Scores €2.1M from Oseo for Antifungal Development
Cytomics Systems announced this week that it has secured a €2.1 million ($2.98 million) grant from Oseo Innovation to support its ongoing program in the anti-fungal area. It is the second grant that Cytomics has received from Oseo.
Cytomics’ approach targets a novel protein that is present only in fungi. Using its UbiScreen screening platform, the company has identified molecules that inhibit the degradation of this target protein. Such inhibition is selectively lethal to a wide spectrum of clinically-relevant fungi.
EU, Netherlands Gives BioFocus DPI €800,000 for Anti-Cancer Drug Development
Galapagos announced this week that its service division BioFocus DPI has been awarded a total of €5.2 million ($7.4 million) from the Netherlands and the European Union. The grants support the development of candidate drugs for various indications, including Galapagos' core programs in bone and joint diseases.
As part of the funding, Galapagos will receive €800,000 ($1.1 million) for two programs from the EU's 6th and 7th Research Framework Programs.
The goal of each of these three-year projects is to develop high-throughput assays to study cancer progression and develop anti-cancer compounds in a time- and cost-effective manner.
GE Healthcare Revenues Rise 4 Percent as Unit Profit Slides 1 Percent
General Electric last week said that revenues for its Healthcare business rose 4 percent as profit for the business slipped 1 percent.
Total Healthcare receipts for the three months ended Sept. 30 increased to around $4 billion from around $3.9 billion during the same period one year ago.
According to GE, Healthcare’s results were in line with expectations. Noting that its US imaging business "continues to face pressure from effects of the Deficit Reduction Act," the company said that “the balance of the Healthcare business is performing very well.”
Healthcare’s revenue for the period represents around 9.5 percent of GE’s overall revenue for the quarter, which increased 12 percent to $42.5 billion year over year. Total organic revenue business-wide increased 8 percent, the company said.
Healthcare’s profit slid 1 percent to $692 million from $699 million in the year-ago period.