Investment
mtm laboratories, the Heidelberg-based cervical cancer diagnostic specialist, announced the signing for an additional tranche of €7 million to its third round funding, increasing the total for the round to €39 million.
This tranche was led by a new investor to mtm laboratories, Gilde Healthcare Partners from Utrecht, the Netherlands, with a consortium including HBM BioVentures, Ltd., HBM BioCapital Invest, Ltd., LBBW Venture Capital GmbH and individual investors. Arthur Franken from Gilde will join mtm’s board.
Bob Silverman, CEO 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.”
Franken said, “We are delighted to support a very talented and experienced team, and invest prior to a major value inflection point. The products have the potential to be truly differentiating in providing clinically relevant and actionable results in the screening and early diagnosis of cervical cancer.”
mtm plans to use the proceeds of this financing to expand its clinical development activities and to bolster commercialisation of its CINtec and Cervatec products.
The basis of mtm’s products is a proprietary biomarker p16INK4a, which is strongly over-expressed in pre-cancerous and cancerous cells of the cervix. Screening and diagnostic tools based on this biomarker should improve the accuracy and efficiency for the screening and early diagnosis of cervical cancer.
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