Astute Medical Announces $26 Million Series B Financing
SAN DIEGO, CALIFORNIA - May 10, 2010 - Astute Medical, Inc., a developer of novel, biomarker-based medical diagnostics, today announced completion of a $26.5 million series B financing co-led by Domain Associates and Delphi Ventures. Astute will use the funding to advance research and development aimed at the identification and validation of protein biomarkers with the goal of commercializing high potential diagnostic products.
"Astute Medical is in an excellent position to develop new diagnostic products that will improve care of seriously ill patients," said Jim Blair of Domain Associates. "We are confident in management's ability to commercialize successful biomarker-based diagnostics given their strong track record, clinical sophistication and industry expertise." "We are pleased with the strong investor interest, which demonstrates confidence in our approach to improving the diagnosis of critical conditions in hospital settings," said Christopher Hibberd, Astute Medical Chief Executive Officer. "With this financing, the resources are in place to conduct clinical studies that will move us closer to commercialization of promising diagnostic products currently in development."
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. The Company's current areas of interest include abdominal pain, acute coronary syndromes, cerebrovascular injury, kidney injury and sepsis.
Founded in 2007, the Company 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 14 years, most recently as Vice President Research and Development.
Chief Executive Officer