MTM Laboratories, a German maker of in-vitro devices for early detection and diagnosis of cervical cancer, has raised EUR 9.6 million in additional Series C funding. This brings the round total to EUR 31.6 million. NTEC, the direct VC investment affiliate of Kuwait Investment Authority, contributed EUR 2.25 Million to this new tranche, while HBM BioVentures and HBM BioCapital co-led the overall round. Other backers include Wellington Partners, Mannheim Holdings, Heidelberg Innovation and Nexus Medical Partners.
mtm laboratories today announced the signing for a third tranche of Euro 9.6 million to its Series C funding. This addition increases the total for the round to Euro 31.6 million (USD 50 million) in equity.
This completed Series C financing was led by HBM BioVentures and HBM BioCapital, with a consortium which includes: Wellington Partners, Mannheim Holdings, Heidelberg Innovation, Nexus Medical Partners and one new investor, NTEC (National Technology Enterprises Company of Kuwait). NTEC, the direct VC investment affiliate of Kuwait Investment Authority, contributed Euro 2.25 Million to this third tranche.
Peter Pack, Chief Executive Officer of mtm laboratories, commented:
“Since we raised the first two tranches, we have made very substantial progress with regard to clinical development and world-wide commercialization of our biomarker-based diagnostic products. Most recently we launched the Cervatec� ELISA Assay for the screening of cervical cancer, our third in vitro diagnostic product. At the same time we have significantly expanded our marketing and sales teams to handle the global marketing of our product portfolio. This additional tranche added to favourable sales of our marketed products will help to fund the development and marketing of further product lines.”
Dr. Erich Platzer, investment advisor of HBM Partners, added:
“mtm laboratories is now a fully integrated diagnostics company and we are delighted to be continuing our support in an additional tranche. mtm is a business with tremendous upside and with this investment the full potential of the Company can be leveraged. The higher valuation per share and the fact that the round was oversubscribed underlines the real value in mtm’s biomarker based cervical diagnostic and screening products. ”
mtm plans to use the proceeds of this financing to expand the clinical and commercial development of its p16INK4a based CINtec� and Cervatec� IVD products.
The basis of mtm’s IVD products, the proprietary p16INK4a biomarker, is strongly over-expressed in pre-cancerous and cancerous cells of the cervix. Screening and diagnostic tools based on this biomarker are developed to improve the accuracy and efficiency for the screening and early diagnosis of cervical cancer. mtm’s CINtec� in vitro diagnostic products focus on the detection of p16INK4a over-expression in biopsies (CINtec� Histology) and cervical cytology specimens (CINtec� Cytology). Recently, the Company launched the biochemical based product Cervatec� Assay, using ELISA technology for the detection of p16INK4a over-expression.
mtm laboratories AG is an ISO 9001 and ISO 13485 certified developer and manufacturer of In-Vitro Diagnostic Devices (IVDD) for use in the early detection and diagnosis of cervical cancer. The Company operates on a global basis with headquarters in Heidelberg, Germany and subsidiaries in the United States, France, Italy and Spain. Further information can be found at: www.mtmlabs.com.