Astute Medical, Inc. has announced the completion of a $40.4 million Series C financing led by MPM Capital and including new investor Kaiser Permanente Ventures.
The Company intends to use the proceeds to begin commercializing its first product, as well as to advance and expand its research, development and validation of biomarker-based laboratory tests.
“Astute Medical has made rapid progress in its development of biomarker-based diagnostics to address major unmet medical needs,” commented Jim Scopa, managing director of MPM Capital.
Scopa continued, “We are excited to fund the commercialization of Astute’s first product as well as the continued development of the pipeline.”
“We believe the successful completion of this financing reflects upon the tremendous progress made thus far in our research, development and clinical activities,” said Christopher Hibberd, Astute Medical chief executive officer.
Hibberd continued, “We are pleased to have the confidence of an outstanding group of life science-oriented investors and believe we are well positioned to build a strong, sustainable pipeline of high-utility diagnostic products.”
Additional participants in the financing included existing stockholders De Novo Ventures, Delphi Ventures, Domain Associates and Johnson & Johnson Development Corporation.