Astute Medical Inc. says it plans to use new $40.4 million Series C financing to begin commercializing its biomarker-based medical diagnostics. The financing, which was led by MPM Capital, included a new investor, Kaiser Permanente Ventures. Astute’s lab tests target acute conditions acquired in community and hospital settings and are designed to offer rapid diagnosis and risk assessment.
“Astute Medical has made rapid progress in its development of biomarker-based diagnostics to address major unmet medical needs,” says Jim Scopa, managing director of MPM Capital, in the June 7 announcement. “We are excited to fund the commercialization of Astute’s first product as well as the continued development of the pipeline.” Existing stockholders Denovo Ventures, Delphi Ventures, Domain Associates, and Johnson & Development Corp. also participated in the financing round.
“We believe the successful completion of this financing reflects upon the tremendous progress made thus far in our research, development, and clinical activities,” says Christopher Hibberd, Astute Medical’s CEO. “We are pleased to have the confidence of an outstanding group of life science–oriented investors and believe we are well positioned to build a strong, sustainable pipeline of high-utility diagnostic products.”
Astute Medical’s areas of interest include abdominal pain, acute coronary syndromes, cerebrovascular injury, kidney injury, and sepsis. Read more at Astute Medical's Website