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Molecular Detection Raises $1.4M

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Molecular Detection today announced it has raised $1.4 million in a close of a new financing round.

The round is a follow-on to a Series C round closed in October that raised $3.3 million.

The new financing was led by MentorTech Ventures II, and included Robin Hood Ventures, Elm Spring Holdings, and the Mid-Atlantic Angel Group Fund I and II, all existing investors.

The funds will be used to advance its new product development and for working capital.

Based in Wayne, Penn., Molecular Detection recently launched its first product, the Detect-Ready screening assay for methicillin-resistant Staphylococcus aureus, a qualitative real-time PCR in vitro diagnostic test. The kits are compatible with several rt-PCR platforms, including the Roche LightCycler, Qiagen RotorGene, and Cepheid SmartCyclter, Molecular Detection said in a statement.

The Detect-Ready MRSA assay kit is available in Germany, the UK, Ireland, Switzerland, and Austria, and the company expects additional launches in the coming months, it said.

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