Metamark to Use New $13M Financing Round to Develop Prostate Cancer Tests

Metamark Genetics Inc. says it will use a recently completed $13-million financing round for further development of its protein-based tests for prostate cancer prognoses. The series B round from current and new private investors will also be used to complete clinical trials. Two separate tests are under development, Metamark says. One uses biopsy tissue to aid doctors in determining whether a patient’s prostate cancer is aggressive or slow-developing. The other is designed to predict the course of the disease over time.
 
Metamark also announced that Michael Kauffman will serve as interim executive director of the company until a replacement can be found for Mark Straley, who resigned after two years as president and CEO. Straley is the former worldwide president of Johnson & Johnson’s diagnostics business. Kauffman, a cofounder of Karyopharm Therapeutics, also will serve on Metamark’s board of directors. In another personnel move, the company appointed Greg Critchfield lead director of the board, where he has served since September 2010. Critchfield is the former president and a board member of Myriad Genetic Laboratories Inc.
 
Privately held Metamark was founded in November 2007 and is based in Cambridge, MA. The company completed proof-of-concept work for the biomarker prostate cancer test in April 2012.
 
---John Conroy