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Rarity Bioscience Raises Additional €500,000

NEW YORK — Swedish molecular diagnostics startup Rarity Bioscience said on Monday that it has raised a €500,000 ($537,908) as part of an oversubscription of an earlier €2.5 million seed financing round.

The latest investment came from venture capital firm Novalis Biotech. The seed round, which closed in November, was led by Rarity founders and Wallenberg Investments' Navigare Ventures.

Rarity was formed as a spinout of Uppsala University in 2021 to develop and commercialize a technology, called SuperRCA, that uses consecutive rolling circle amplification reactions to enable the detection of ultra-low levels of cell-free and genomic DNA in tissue and blood samples. Assays that use the technology can detect multiple targets simultaneously, according to the company.

In mid-2022, Rarity cofounders published data in Nature Communications demonstrating the use of technology for monitoring leukemia patients' disease and response to treatment.