Metamark Genetics Inc. completed its Series B round to expand the company’s R&D operation and clinical testing facilities.
The Naples, Fla.-based firm, which has operations in Cambridge, Mass., raised $22 million from three investors in a $42 million equity offering, according to an SEC filing.
With its “Prognosis Determinants” platform, Metamark‘s researchers made breakthroughs on the genetics behind the metastasization of certain cancers. The company is now in the process of commercializing those discoveries to create molecular assays, such as its MetamarkDx for the diagnosis and prognosis of early-stage, high-risk cancers, according to a press release.
An undisclosed lead investor agreed to purchase an additional $8 million in preferred stock when the company reaches undisclosed goals, according to the release.
Metamark’s board includes Norman Selby, a senior managing director at private equity firm Perseus LLC, who was also listed as a related person on the SEC filing. The filing also names company founders and board members Lynda Chin, Raju Kucherlapati, CEO Kenneth Weg and CFO David Cordo.