Metamark banks $22M venture round

Cambridge, MA-based Metamark Genetics has banked a $22 million venture round to back its work in molecular diagnostics. Metamark's technology platform pinpoints the genetic drivers which spur metastatic progression of major cancers. Subject to certain undisclosed conditions, the lead investor has the right to buy an additional $8 million chunk of preferred stock.

MetamarkDx Prognostic Assays are being designed to enable the identification of those early-stage cancers that are genetically hardwired for lethal spread, says a company release, thus arming physicians with critical insight to develop personalized treatment strategies.

"We expect that this robust level of capitalization will assure that Metamark has the resources to fully develop and prepare for the commercialization of its innovative molecular diagnostic tests for early stage cancers, which comprise the majority of cancer diagnoses today," says acting CEO Kenneth E. Weg.

- here's the Metamark release