Astute Medical Raises $6.2 Million in Series A Financing Round Led by De Novo Ventures

May 01, 2008, 01:00 ET from Astute Medical, Inc.

    SAN DIEGO, May 1 /PRNewswire/ -- Astute Medical, Inc. today announced
 it has raised $6.25 million in an initial financing round led by De Novo
 Ventures. The proceeds will primarily be used to fund research and
 development aimed at the identification and validation of protein
 biomarkers with the goal of finding high potential diagnostic candidates.
     "This investment is an exciting event that lays the foundation for our
 research and development activities," said Christopher Hibberd, Astute
 Medical chief executive officer. "We believe the participation of our lead
 investor De Novo Ventures demonstrates confidence in our ability to develop
 innovative diagnostic tests for use in acute hospital settings."
     "Astute Medical has enormous potential to identify and deliver novel
 diagnostic tests that address costly diseases and medical conditions," said
 Fred Dotzler, managing director at De Novo Ventures. "We're delighted to
 work with Astute Medical and see promise in their goal of bringing
 innovative solutions to hospitals where poor diagnostic technologies
 contribute to delays and higher costs."
     Astute Medical, founded in 2007, is led by Christopher Hibberd and Paul
 McPherson Ph.D., former members of the management at Biosite Incorporated,
 a leading diagnostics company acquired by Inverness Medical Innovations in
 2007 for $1.7 billion. Hibberd served at
     Biosite for 10 years, most recently as senior vice president corporate
 development. Dr. McPherson was at Biosite for fourteen years, most recently
 as vice president research and development.
     About Astute Medical, Inc.
     Astute Medical is dedicated to improving diagnosis of high-risk medical
 conditions and diseases through the identification and validation of
 protein biomarkers that can serve as the basis for novel diagnostic tests.
 The Company's focus is community and hospital acquired acute conditions
 that require rapid diagnosis and risk assessment. Astute Medical will
 develop tests for patients who present to emergency departments with acute
 symptoms and for hospitalized patients who are at risk for an acute event.
 The Company's current areas of interest include abdominal pain, acute
 coronary syndrome, acute kidney injury, congestive heart failure, sepsis,
 and cerebrovascular disease.

SOURCE Astute Medical, Inc.