Molecular Biometrics Inc. pulled in $12.5 million in Series B financing, led by new investor Atlas Venture.
The Norwood, Mass.-based firm is working on a diagnostic to determine the most viable embryos for use in in vitro fertilization procedures, with an eye toward reducing the risk of multiple births and improving IVF pregnancy rates.
Molecular Biometrics said the cash infusion will accelerate the launch of its ViaMetrics-E rapid, non-invasive test. The money will also go toward manufacturing and product enhancements and the completion of a clinical study of the test aimed at winning clearance from the Food & Drug Administration, according to the company.
Existing investors Safeguard Scientifics Inc. and Oxford Bioscience Partners joined Atlas Venture in the round.