NEW YORK (GenomeWeb News) – Nuclea Biotechnologies today said that it raised $4.2 million in its Series D round. The Pittsfield, Mass.-based company added that it plans to close the $5 million round on May 31.
Proceeds from today's raise will be directed toward the commercialization of Nuclea's Fatty Acid Synthase assays and other clinical assays, including the in vitro diagnostic HER-2/neu ELISA assay, the basis of the recent deal between Nuclea and biomarker-based test development company Wilex.
Nuclea also develops gene and protein expression-based assays.
The new funds will go toward marketing, strengthening strategic partnerships, and building relationships with hospitals, the company said.
"Now, we move from the development stage into the commercialization stage," Nuclea President and CEO Patrick Muraca said in a statement. "This is a key milestone in the trajectory of Nuclea's growth; all of our previous successes were working toward this transition into the commercialization of our diagnostic assays."
Since the company's founding in 2005, it has raised $40.3 million, Nuclea said. In February, it raised $1.1 million toward a targeted $2.5 million financing round, though it is unclear whether that is connected to the round announced today. Last summer, the firm raised $5 million as part of a Series C round, with the goal of raising $10 million.