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GEN News Highlights : Jun 7, 2012

Biomarker Diagnostics Firm Astute Raises $40.4M in Series C Fundraising

Money will be used to commercialize first product and progress R&D.

Astute Medical raised $40.4 million in a Series C round of financing led by MPM Capital, and including existing investors and new investor Kaiser Permanente Ventures. The firm says it will use the funds to start commercializing its first product, progress R&D, and validate biomarker-based laboratory tests.

Founded in 2007, Astute is focused on the identification and validation of protein biomarkers as the basis for in vitro diagnostic tests. The firm’s primary areas of interest are community and hospital acquired acute conditions that require rapid diagnosis and risk assessment, and disorders including abdominal pain, acute coronary syndromes, cerebrovascular injury, kidney injury, and sepsis.

The firm completed a $26.5 million Series B financing in 2010, and last year extended the round by raising another $13 million.