NEW YORK (GenomeWeb News) – Belgian molecular diagnostics startup Multiplicom has received €2 million ($3 million) in a funding round, the company said this week.
Investors included Belgian venture capital firm Gimv, Gimv-managed Biotechfonds Vlaanderen, life science research institute VIB, and the University of Antwerp.
Proceeds will be used to develop diagnostic tests, get CE marking for them, and to commercialize them, Multiplicom said.
Multiplicom is a spinout of Jurgen Del-Favero's laboratory at the VIB department of molecular genetics at the University of Antwerp and is developing tests to determine whether individuals have increased risk for certain diseases, to detect congenital genetic defects, and to identify the most appropriate treatments.
The company has developed assays for breast cancer and cystic fibrosis.
The initial focus of the firm will be on creating a direct sales force covering Western Europe and a distribution channel in other nations. Multiplicom also has agreements with pharmaceutical firms to use its multiplex PCR technology called Multiplexer to identify genetic biomarkers linked to drug safety and efficacy, it said.