Astute Medical completes $26.5 million series B financing

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."

In addition to Domain Associates and Delphi Ventures, Johnson & Johnson Development Corporation and existing investor De Novo Ventures also participated in the financing.

SOURCE Astute Medical, Inc.