mtm grabs another E10m for series C:
This article was originally published in Clinica
Executive Summary
German IVD company mtm laboratories has raised an additional E9.6m ($15.3m) in the third tranche of a series C financing, bringing the total for the round to E31.6m. The fundraising was led by HBM BioVentures and HBM BioCapital, and included the participation of existing shareholders and one new investor, NTEC (National Technology Enterprises Company of Kuwait). Heidelberg-based mtm, which specialises in cervical cancer tests based on its proprietary p16INK4a biomarker, will use the proceeds from third tranche to expand commercialisation of the Cervatec assay, the company's third and latest product launched on the market, and to continue development of other product lines.