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Protagen Raises $12.7M in Private Financing

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Protagen today said it has raised €10 million ($12.7 million) in a second financing round.

NRW.Bank in Düsseldorf participated in the round as a new investor and joined the consortium of MIG Fonds, S-Capital, S-Venture Capital, and KfW Bonn to finalize the round.

Proceeds will be used for the expansion of Protagen's diagnostics business and to clinically validate proprietary protein biomarkers, the Dortmund, Germany-based firm said. It will focus efforts on developing serum-based molecular diagnostics for the early detection of multiple sclerosis and the differential prognosis of prostate cancer, it said.

The company's UNIarray technology platform also will be used "in other attractive indications for the development of serum-based molecular diagnostics," Protagen added.

The company previously raised €3.7 million in August 2009.

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