mtm laboratories raises a further €7M in third round

mtm laboratories, a privately held diagnostics company that specialises in developing and manufacturing in vitro diagnostics for the early detection of cervical cancer, has raised an additional tranche of €7 million in its third round funding, bringing the total for the round to €46 million.

This funding was led by three existing investors, HBM BioVentures Ltd, Wellington Partners, and Gilde Healthcare Partners, with a consortium which included National Technology Enterprises Company, Heidelberg Innovation, and private investors.

Bob Silverman, Chief Executive Officer of mtm laboratories, said the money will support the investment the company is making in clinical trials and commercialisation. “We plan to use a large component of the proceeds of this financing to fund our US regulatory trial for CINtec PLUS Cytology.” This will support a marketing application for the product.

Heidelberg-based mtm launched CINtec PLUS Cytology in Europe in March this year. The product has been evaluated in three large European clinical trials in over 32,000 women, demonstrating high sensitivity and high specificity for underlying cervical disease.