Biocartis, a healthcare products manufacturer based in Switzerland, announced that it had successfully raised $44.5 million in a Series D financing round. The company plans to use the additional funding to pursue commercialization of its molecular diagnostics technology. In addition, the company plans to expand its cancer diagnostics division. This latest round brings total venture financing to $200 million, a very high figure in the biotech industry.
Many well-known investment companies participated in the latest financing round. Participants included Flemish PMV, RMM, Debiopharm Group, Valiance, Philips, Koryos, Luc Verelst, New Rhein Healthcare, Benaruca, Paul Janssen and Johnson & Johnson Development Corporation.
Approximately one year ago, the company raised $100 million in Series C financing. At the time, the company stated it would launch some of its diagnostic technology platforms by 2013. According to a press release, Biocartis remains on-track for a 2013 commercialization of its diagnostic technology.
Greg Parekh is CEO of Biocartis. In prepared remarks, he said, "We are now a commercial state organization with a high quality team, which has proven it can take platforms from development to commercialization. We now look forward to building our menu of oncology tests; validating, registering and launching the Apollo [diagnostics] platform; growing our commercial presence and ultimately helping shape the diagnosis and treatment of cancer."
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