mtm laboratories, a Heidelberg, Germany-based diagnostics company developing, manufacturing and globally commercializing in vitro diagnostics for cervical cancer early detection and diagnosis, closed an additional tranche of €7m in Series C funding.
This financing is a formal expansion of the company’s Series C round in October 2009, and brings the total to €46m ($63m) in equity.
It was led by three existing investors HBM BioVentures Ltd, Wellington Partners, Gilde Healthcare Partners, with a consortium which included National Technology Enterprises Company, Heidelberg Innovation, and private investors.
As also stated by Bob Silverman, CEO of mtm laboratories, the company will use a large component of the proceeds of this financing to fund its United States regulatory trial for CINtec® PLUS Cytology that would support a PMA application.
CINtec® PLUS Cytology is a screening and diagnostic tool combining high sensitivity and high specificity for detecting high-grade cervical disease in a single test
mtm laboratories operates on a global basis and has subsidiaries in the United States, France, Italy and Spain.