mtm laboratories, a diagnostics company developing, manufacturing and globally commercializing in vitro diagnostics for cervical cancer early detection and diagnosis, signed an additional tranche of €7m to its Series C funding.
This addition is a formal expansion of the company’s last Series C in March 2008 and increases the total for the round to €39m (approximately $57m) in equity.
This Series C financing was led by new investor Gilde Healthcare Partners from Utrecht, The Netherlands, with a consortium which includes HBM BioVentures, Ltd., HBM BioCapital Invest, Ltd., LBBW Venture Capital GmbH.
Arthur Franken from Gilde Healthcare Partners will join as a new member of the Supervisory Board.
Commenting on the financing, Bob Silverman, Chief Executive Officer of mtm laboratories, said: “This additional tranche will put mtm in a more favourable position to further leverage the clinical and commercial development of additional product lines. We would also like to welcome Arthur Franken to our Supervisory Board – we feel that mtm will benefit extensively from his experience and commitment”.
The Company operates on a global basis with headquarters in Heidelberg, Germany and subsidiaries in the United States, France, Italy and Spain.