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Astute Medical Completes $40M Series C Funding Round

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Protein biomarker diagnostics firm Astute Medical this week said it had completed a Series C financing round that raised $40.4 million.

The funding will go toward the commercialization of Astute's first product and to expand its research, development, and validation of biomarker-based laboratory tests.

The round was led by MPM Capital and new investor Kaiser Permanente Ventures. Other participants included De Novo Ventures, Delphi Ventures, Domain Associates, and Johnson & Johnson Development.

Through a spokesperson, Astute declined to comment on what specific tests the funding will be used to commercialize and develop. However, in March at the International Symposium on Intensive Care and Emergency Medicine in Brussels, the company showcased what it called its first product candidate, the NephroCheck Test, a biomarker-based diagnostic for risk assessment for acute kidney injury in critically ill patients.

The test, which Astute plans to launch in Europe sometime this year, uses the company's proprietary Astute140 Meter cartridge-based immunoassay platform and delivers results in roughly 20 minutes.

In March 2011, Astute raised $13 million in an extension of a Series B round that previously brought in $26.5 million. Astute took in $6.2 million in a Series A round in 2008.

The firm identifies and validates protein biomarkers for the development of diagnostic tests. Its focus is on community- and hospital-acquired acute conditions and current areas of interest include abdominal pain, acute coronary syndromes, cerebrovascular injury, kidney injury, and sepsis.

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