NEW YORK (360Dx) – NanoMolecularDX on Wednesday said it had closed $1 million in seed funding through a private placement.
The offering was for preferred stock in the Lee, Massachusetts-based developer of in vitro diagnostic and research-use only tests. Proceeds will go toward commercialization of its diagnostics, the development of additional diagnostic clinical trials, and the expansion of its operations, it said, adding it is executing a commercialization strategy for its three proprietary tests — for fatty acid synthase, CA-IX, and HER-2/neu.
"The capital we raised allows NMDX to develop and finance our diagnostics commercialization strategy and demonstrates the confidence our investors have in our intellectual property and business model," NMDX President and CEO Patrick Muraca said in a statement.
NanoMolecularDx, was founded after Nuclea Biotechnologies shuttered, and Muraca, the founder and former CEO of Nuclea, bought its assets.