MTM Laboratories drummed up about $10 million (or €7 million) in the latest tranche of its Series C round, taking the total to $57 million (€39 million).
The Heidelberg, Germany-based cervical cancer diagnostics maker, which has local operations in Westborough, Mass., said the latest round completes its Series C effort. Investors included new backer Gilde Healthcare Partners of Utrecht, The Netherlands, and prior backers HBM BioVentures Ltd., HBM BioCapital Invest Ltd., LBBW Venture Capital GmbH. Arthur Franken of Gilde Healthcare Partners will join the company’s supervisory board.
MTM CEO Bob Silverman said the cash will help the company develop and commercialize additional product lines, according to a press release, specifically its CINtec and Cervatec in vitro diagnostics. Those products are based on MTM’s proprietary p16INK4a biomarker, found in pre-cancerous and cancerous cells of the cervix.