NEW YORK (GenomeWeb News) – German diagnostics firm MTM Laboratories announced today an additional tranche of €7 million ($9.8 million) to its Series C financing round.
The funds are an expansion of MTM's Series C from October 2009 and brings the total amount raised in the round to €46 million, the Heidelberg firm said.
Existing investors HBM BioVentures, Wellington Partners, and Gilde Healthcare Partners led the round. A consortium including National Technology Enterprises, Heidelberg Innovation, and private investors also participated.
In a statement, MTM CEO Bob Silverman said the funds will support clinical trials and commercialization efforts, and added that a large portion will go toward funding the US regulatory clinical trials for the company's CINtec Plus Cytology platform for a PMA submission.
The system is a screening and diagnostic tool that combines high sensitivity with high specificity for the detection of high-grade cervical disease in a single test. The CINtec Plus kit detects and stains for two biomarkers, cell cycle regulatory protein p16INK4a, and Ki-67.
The system was launched in Europe in March. It is CE marked and is undergoing clinical trials.