NEW YORK (GenomeWeb News) – MDxHealth today said that as part of its recent private placement, which brought in $11.7 million, investment firm Biovest has obtained a 9 percent stake in the company.
Biovest's president is Rudi Mariën, who is a co-founder and chairman of Innogenetics, a Belgium-based molecular diagnostics firm.
"The company has accomplished an impressive turnaround over the past 12 months, and is now pursuing a strategy that can sustainably generate novel, high value molecular cancer diagnostics," Mariën said in a statement.
MDxHealth completed the private placement earlier this month. It plans to use proceeds to accelerate the development of molecular diagnostic products, set up a CLIA laboratory, and hire a sales and marketing firm in the US.