NEW YORK (GenomeWeb News) – Newly formed Avantra Biosciences has raised $7 million, it disclosed in a document filed with the US Securities and Exchange Commission on Monday.
The Woburn, Mass.-based firm said the funds raised were in the form of equity and will not be used for a merger, acquisition, exchange offer, or other business combination transaction. It did not specify how the money will be used, but last month GenomeWeb Daily News' sister publication ProteoMonitor reported that Avantra plans to launch the Avantra Biomarker Workstation and accompanying assays early next year after closing of the Series B round.
Avantra was launched at the end of last year by Courtagen Capital Group from the ashes of Decision Biomarkers. Courtagen bought the assets of Decision Biomarkers after the protein biomarker technology firm shuttered its business and filed for Chapter 7 bankruptcy.
The Biomarker Workstation was developed by Decision Biomarkers and is used for biomarker detection.
In its SEC filing, Avantra lists Brian McKernan as its CEO and Brendan McKernan as its president.