NEW YORK – German diagnostic developer SphingoTec said Thursday that it has raised €5 million (about $5.4 million) in a Series C financing round.
The company plans to use the money to support the commercialization of in vitro diagnostic products based on novel and proprietary blood-based protein biomarkers as well as the licensing of its technologies. The company's plans include entering the US market as part of a global expansion.
"With this investment, we will focus on further out-licensing our biomarkers to translate scientific advancements into routine clinical practice, ultimately supporting clinicians in improving patient outcomes," SphingoTec Managing Director and CEO Deborah Bergmann said in a statement.
The funding round was led by Think.Health Ventures with participation from existing investors including Brandenburg Kapital, HBM Healthcare Investments, NRW.Bank, and Wellington Partners. Think.Health Ventures will also support SphingoTec through its network of clinics and laboratories.
SphingoTec announced last year that it had secured In Vitro Diagnostic Regulation (IVDR) certification for its Sphingotest PenKid assay to measure proenkephalin A 119-159 (penKid) for the assessment of kidney function. The firm has also secured licensing deals for the penKid biomarker, and said Thursday that the test is used in routine measurements in university hospitals to improve patient management.