NEW YORK (GenomeWeb News) — Pharmacogenomics test developer MolecularMD has reeled in $3 million in financing from the Ballast Point Ventures, according to the St. Petersburg, Fla.-based venture capital firm.
MolecularMD is focused on developing molecular diagnostic tests to speed clinical development and regulatory approval of cancer therapies. The company's first tests were associated with imatinib (Gleevec), Novartis' treatment for chronic myelogenous leukemia, and it plans to expand into other cancer areas, including colon and lung cancer.
West Palm Beach, Fla.-based MolecularMD plans to use the funding to build its corporate infrastructure and expand its assay portfolio.
The firm also operates a CLIA & CAP accredited lab.
BPV is affiliated with Raymond James Financial, and is focused on funding companies in the Southeastern US and in Texas.