Astute Medical is the latest company to show how compelling diagnostics developers have become in the eyes of investors. The San Diego developer of biomarker-based medical diagnostic tests has just completed a substantial Series C funding round, drawing $40.4 million.
Executives have big plans for the money, which will propel commercialization of the company's first product, but also fund development of other tests in Astute's pipeline. Astute wants to create a slate of diagnostic tests that hospitals can use to quickly assess acute conditions, such as abdominal pain, acute coronary syndromes, cerebrovascular injury, kidney injury and sepsis.
MPM Capital led the funding round, which also included new investor Kaiser Permanente Ventures, and previous investors De Novo Ventures, Delphi Ventures, Domain Associates and Johnson & Johnson Development Corp.
Astute Medical last raised $13 million in early 2011 from existing stockholders and closed a $26.5 million Series B financing round in mid-2010. The company pulled in $6.2 million in Series A financing in May of 2008, according to its website.
Investors and larger medtech companies have been committing their cash to all kinds of diagnostics enterprises in recent months, covering everything from IVF to cancer diagnostic development.
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