MTM Laboratories AG added a $9.7 million (or €7 million) tranche to its equity-based Series C round.
The financing takes the diagnostic company’s C round to $63 million (or €46 million). Previous investors HBM BioVentures Ltd., Wellington Partners, Gilde Healthcare Partners, with a consortium including National Technology Enterprises Co., Heidelberg Innovation and private investors supporting the round.
CEO Bob Silverman said MTM plans to use a "large component" of the funding for a U.S. clinical trial of its CINtec Plus Cytology that would support a pre-market approval application.
The Heidelberg, Germany-based company, with U.S. operations in Westborough, Mass., launched CINtec in Europe in March 2010 after receiving CE Mark approval for the device. It’s based on the company’s proprietary p16INK4a biomarker, found in pre-cancerous and cancerous cells of the cervix.
Last December, the company added about $10 million (or €7 million) to the C round.