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Heart Disease Diagnostics Firm Magnisense Raises €5M

NEW YORK (360Dx) – Paris, France-based Magnisense said Wednesday that it has raised €5 million ($5.7 million) in a new funding round.

Meusinvest, a Leige, Belgium-based investment fund, and three new private shareholders participated in the round alongside existing shareholders, including Provestis, Concorde Capital, and Minv.

Magnisense said that the funding will help boost the commercial presence of its test already on the market in Europe and support the development and launch of new tests based on its Miatek magnetic nanomaterial cardiac biomarker technology.

The firm's line of MiAg assays are intended for portable, point of care use to detect cardiovascular disease within 15 minutes from whole blood during emergencies, and to enable therapeutic treatment as soon as possible. The firm said that its mobile and connected line of MiAg assays are battery powered and enable performing three tests in parallel.

The tests can be adopted to perform a preventive diagnosis prior to patient follow up; prevent the recurrence of emergencies after the patient has been in the hospital; and prevent the progression of a chronic disease, Magnisense said.

Its CEO Lyse Santoro said in a statement that the funding will "enable us to gain market share in the [business-to-business] market, while preparing the launch of our dedicated test to the [business-to-consumer] market."

Marc Foidart, deputy CEO of Meusinvest, said that the activities that Magnisense aims to develop in Liège, Belgium, will further reinforce a high growth cluster of companies in the area that are active in the field of cardiovascular diseases.

Magnisense has launched two CE-marked MiAg tests in Europe for the diagnosis of heart attack and heart failure — its MiAg cTnI and MiAG bnp assays. The tests are reimbursed through health insurance. A third CE-marked product is being readied for launch, the firm said.