Metamark Genetics, Inc., a Cambridge, Mass.-based oncology-focused molecular diagnostics company, has closed a $13m Series B financing.
The round was led by current and new private investors.
The company intends to use the proceeds to further refine its novel, protein-based prostate cancer prognostic tests and complete final clinical validation work.
Led by Kenneth Weg, co-founder and founding chairman of the board of directors, Metamark is developing two separate prognostic tests:
– the first is designed to use prostate cancer biopsy tissue to help physicians more accurately determine if patients have a slow-growing or aggressive form of prostate cancer, thereby improving treatment decisions;
– the second is designed to predict the longer-term course of disease.
In conjunction with the financing, the company has changed the board of directors. Mark Straley resigned as president and CEO and Metamark is conducting a search for a new CEO to lead the company into commercialization and further development.
Michael Kauffman, M.D., Ph.D., joined the board and will serve as interim executive director until a new company president and CEO is appointed. Greg Critchfield, M.D., M.S., was appointed as lead director of the board.