Metamark Genetics, Inc., an oncology company focused on the development of function-based prognostic assays for early staged cancers, has completed a $22m Series B financing.
The company is currently developing prognostic diagnostic tests (MetamarkDx™ Prognostic Assays), using its proprietary Prognosis Determinants™. These tests will contribute to optimized treatment of early stage cancer through knowledge of the tumor’s molecular characteristics and risk profile.
Proceeds from the financing will be used to expand Metamark’s research and development and clinical testing infrastructure, in addition to establishing its commercial organization.
Commenting on the funding, Kenneth E. Weg, chairman and acting CEO of the company, was quoted as saying: “We expect that this robust level of capitalization will assure that Metamark has the resources to fully develop and prepare for the commercialization of its innovative molecular diagnostic tests for early stage cancers, which comprise the majority of cancer diagnoses today”.
According to a press release, the lead investor has agreed to purchase additional $8m upon satisfaction of undisclosed milestones.