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Protagen Closes First Part of Financing Round

NEW YORK (GenomeWeb) – Protagen said today that it has closed the first part of a financing round that targets €10 million ($12.5 million).

The German firm did not disclose the amount raised in the first close. It added that it plans a second closing in the third quarter of 2015 with additional new investors.

Qiagen participated in the first close, joining existing investors MIG Fonds, NRW.Bank, and Protagen management. Qiagen and Protagen last month announced a long-term collaboration on research into protein-based companion diagnostics for autoimmune disorders. 

Protagen CEO Stefan Müllner said in a statement that it will use the funds to complete and commercialize in vitro diagnostic tests for rheumatoid arthritis, systemic lupus, and systemic sclerosis.