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Biomarker Diagnostics Company Gains $40M in Venture Funding

Loose bills of multiple denominations (borman818)Astute Medical Inc. in San Diego, a developer of biomarker-based medical diagnostics, says it completed $40.4 million in series C venture financing, the third cycle of funding after initial start-up. The funding round was led by MPM Capital and included new investor Kaiser Permanente Ventures, as well as existing investors De Novo Ventures, Delphi Ventures, Domain Associates, and Johnson & Johnson Development Corporation.

Astute Medical identifies and validates protein biomarkers that can be used for diagnosing diseases, particularly with labratory (in vitro) tests. The company’s current interests include tests involving abdominal pains, acute coronary syndromes, cerebrovascular injury (e.g., stroke), kidney injury, and sepsis.

The company plans to use the proceeds from the round to begin commercializing its first product, as well as advance and expand its research, development, and validation of biomarker-based lab tests. Details about its first commercial product were not disclosed.

Astute Medical was founded in 2007 by former executives in the diagnostics company Biosite Inc.  The company completed its series A funding round in May 2008, with $6.2 million led by DeNovo Ventures. Its series B round, was divided into two segments: $26.5 million in May 2010, and $13 million in March 2011.

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Hat tip: Fortune/Term Sheet

Photo: borman818/Flickr

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