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Tethys Raises $33M in VC Financing, Loan

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Tethys Bioscience today said that it has raised $33 million in venture financing and a loan.

The Emeryville, Calif.-based firm, which is developing biomarker-based, disease-risk tests, has raised $23 million in venture financing through new investors, including Greenspring Associates and Paul Capital Investments, and its current investors. The funds are part of Tethys' Series D round, bringing the total funding in that round to $48 million.

The first $25 million in Series D funding closed in November 2009 and was led by Aeris Capital, and included current investors MDV-Mohr Davidow Ventures, Kleiner Perkins Caulfield and Byers, and Intel Capital; and one new investor, Wasatch Advisors.

In addition, Tethys has received a $10 million working capital loan provided by Oxford Finance and Silicon Valley Bank.

The funding will be used to expanded commercialization of the firm's PreDx Diabetes Risk Score (DRS) — multi-marker blood test that identifies patients who have a high risk of developing type 2 diabetes within five years. The test is performed exclusively at Tethys' CLIA-certified clinical lab.

"We plan to continue to build market share through our regional sales force growth, partnerships and strategic alliances, and to expand access to programs designed to motivate patients to adopt the lifestyle and behavioral changes necessary to preempt development of disease," Tethys Chairman and CEO Mickey Urdea said in a statement.

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