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Medac Completes Funding to UK Fungal Dx Firm Myconostica

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – UK medical diagnostic firm Myconostica today announced the completion of an investment by German pharmaceutical firm medac Gesellschaft fuer klinishe Spezialpraeparate for an undisclosed amount.

The investment is a continuation of Myconostica's series D round, which had a first close late last year. The funding announced this week will be used to continue development of the company's molecular diagnostic products and to market its existing tests, Myconostica said in a statement.

Based in Manchester, the company specializes in developing tests for life-threatening fungal infections. Earlier this year, Myconostica received a license from Health Canada to sell its Aspergillus molecular diagnostic test in Canada.

Medac is Myconostica's exclusive distributor in Germany. As a result of the investment, Rainer Dickhardt, the managing director of Medac's diagnostics business, will join Myconostica's board.

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