This article has been updated with additional information from a company statement.
NEW YORK (GenomeWeb News) – Cancer diagnostics startup Metamark Genetics has raised about $22 million in a Series B round of financing, it disclosed in a document filed with the US Securities and Exchange Commission.
The company is targeting about $42 million in total, it said. Among the participants in the round were directors and executives at the Cambridge, Mass.-based firm, which said that it intends the offering to last more than one year. It is not related to a business combination transaction, such as a merger, acquisition, or exchange offer, Metamark said in its filing.
Metamark said in a statement released today that the lead investor in the round has an obligation to purchase up to an aggregate of $8 million of additional preferred stock.
Proceeds will be used to expand Metamark's research and development efforts and clinical testing infrastructure, and establish its commercial organization, the firm said.
Metamark was founded in 2007 and develops diagnostic tests to "enable personalized treatment planning for cancer patients, improved outcomes, and reduced healthcare costs," according to its website. Its lead platform is the Prognosis Determinants system, based on research in melanoma by Lynda Chin at the Dana-Farber Cancer Institute and Harvard Medical School. Chin is also a director of Metamark.
Using the platform, Metamark said it has identified and validated functionally active genetic determinants of metastasis "critical to the progression of a broad spectrum of tumor types." The company is developing diagnostic assays based on its discoveries.