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Tethys Bioscience

This article was originally published in The Gray Sheet

Executive Summary

The firm raises $33 million to expand commercialization of its PreDx diabetes risk score test, which helps identify those most at risk of developing the type 2 version of the disease. Announced July 21, the funding includes $23 million of "Series D" venture financing and a $10 million working capital loan. The privately held firm's Series D round now totals $48 million, including $25 million raised last fall (1"The Gray Sheet" Nov. 30, 2009). The PreDx multi-marker blood test debuted in January 2009 and is available through the company's CLIA-certified lab ("2The Gray Sheet" July 28, 2008). Over 15,000 PreDx tests have been ordered in the U.S. by physicians to date, according to Tethys

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Financings In Brief

Tethys Bioscience raises $25 million to speed rollout of diabetes test: Privately held Tethys Bioscience is set to expand the rollout of its PreDx diabetes risk score test, which helps identify those most at risk of developing the type 2 version of the disease, after securing $25 million in a "Series D" financing round led by Aeris Capital, announced Nov. 9. Launched in January 2009, the blood test is now available only from the company's CMS-certified laboratory in California (1"The Gray Sheet" July 28, 2008). Tethys is in talks with a range of larger diagnostic players, including Labcorp, regarding a potential licensing deal that would make the test more widely available

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