NEW YORK (GenomeWeb News) – Nuclea Biotechnologies said today it has closed on an additional $3.4 million in funding and committed financing, which it will use to continue development of its technology.
The financing includes $1.4 million in additional cash and $2 million in future commitments running through March 31, and finalizes Nuclea's Series B financing round. In October the company announced it raised $6.4 million in the round, and today's announcement brings the total Series B amount to $9.8 million.
Based in Pittsfield, Mass., Nuclea develops diagnostic assays based on fatty acid synthase, a biomarker for tumors. It said the funding will support its regulatory efforts in developing the technology, including clinical trials, facility upgrades, new hires, and general operations.
Nuclea CFO Robert Pierce said in a statement that the new round of financing is a "vital step" as it prepares to commercialize its tests. Last month the company said that it submitted premarket IDE filings with the US Food and Drug Administration for its breast cancer and prostate cancer assays.