Oversubscribed Series C round brings in $31.2mm for NeoMatrix
Deal summary reprinted from Strategic Transactions - March 2009
NeoMatrix (breast disease-screening device) has raised $31.2mm through its oversubscribed Series C venture round, which closed in three tranches to individual investors. The company had originally planned to raise $10mm.
Oversubscribed Series C round brings in $31.2mm for NeoMatrix
Deal summary reprinted from Strategic Transactions - March 2009
NeoMatrix was formed in 2000 to develop a device to test for the presence of atypical ductal hyperplasia, a potential biomarker for breast cancer. The company will use the funds for ongoing commercialization of its FDA-approved noninvasive HALO breast pap test that can determine a woman's risk for developing breast cancer and monitor ductal cellular changes in about five minutes. HALO consists of a device that uses warmth, massage, and suction (similar to how a breast pump operates) to collect nipple aspirate fluid, which is then studied for abnormal cells. Women with high levels of the cells have a four-five times greater risk of developing breast cancer and are then able to treat the disease in its earliest stage. NeoMatrix had raised about $12mm prior to this financing.
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