SAN DIEGO, June 7, 2012 /PRNewswire/ -- Astute Medical, Inc., a developer of novel, biomarker-based medical diagnostics, today announced the completion of a $40.4 million Series C financing led by MPM Capital and including new investor Kaiser Permanente Ventures. The Company intends to use the proceeds to begin commercializing its first product, as well as to advance and expand its research, development and validation of biomarker-based laboratory tests.
"Astute Medical has made rapid progress in its development of biomarker-based diagnostics to address major unmet medical needs," commented Jim Scopa, managing director of MPM Capital. "We are excited to fund the commercialization of Astute's first product as well as the continued development of the pipeline."
"We believe the successful completion of this financing reflects upon the tremendous progress made thus far in our research, development and clinical activities," said Christopher Hibberd, Astute Medical chief executive officer. "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."
Additional participants in the financing included existing stockholders De Novo Ventures, Delphi Ventures, Domain Associates and Johnson & Johnson Development Corporation.
About Astute Medical, Inc.
Astute Medical is dedicated to improving the 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's current areas of interest include abdominal pain, acute coronary syndromes, cerebrovascular injury, kidney injury and sepsis. For additional information, please visit www.astutemedical.com.
SOURCE Astute Medical, Inc.