Investors in the round include Inveready Seed Capital, the Ministry of Science and Innovation and Acc10.
The company, a spin-off of Vall d’Hebron Institut de Recerca (VHIR), has developed a urine test that allows early diagnosis of prostate cancer and intends to use the funding to begin clinical validation of its innovations in different Spanish hospitals. Transbiomed aims to propose the device as an alternative to biopsy to determine the existence of this type of cancer. The target is to start commercializing the device by 2013.
The company was founded in 2007 by Dr. Jaume Reventós, Dr. Andreas Doll and Dr. Miguel Abal, of the Hospital Universitari Vall d’Hebrón, who will maintain a controlling stake in the company following the investment.