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German Firm MTM Laboratories Raises $9.8M in Series C Round

By a GenomeWeb staff reporter

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.