German diagnostics firm garners €22M

Germany's MTM Laboratories has raised €22 million in its third round of venture funding. The developer says that much of that money will go to the development and commercialization of its diagnostic and screening devices for cervical cancer. HBM BioVentures and HBM BioCapital led the round.

"MTM Laboratories is taking a unique marker approach to the screening and diagnosis of cervical cancer, the largest existing screening market in oncology," said Dr. Erich Platzer, founding partner and investment advisor of HBM Partners. "We feel that the strength of the science combined with the development and commercialization experience of the team makes MTM a very attractive investment."

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PLUS: France's Faust Pharmaceuticals has raised 8.2 million euros in bridge financing. Faust says the money is the first tranche in a €25 to €35 million financing round. Release