Company name: Metamark Genetics
Industry: Oncology/medical device
Location: Cambridge, Massachusetts
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Solution/product: The company is developing two diagnostics for prostate cancer, according to a company statement. Its lead test is designed to use prostate cancer biopsy tissue to help physicians more accurately determine if patients have a slow-growing or aggressive form of prostate cancer, thereby improving treatment decisions. The second is designed to predict the longer-term course of disease.
Money raised: $13 million in a Series B round.
How it will be used: To advance the company’s clinical validation work. It will also be able to speed up diagnostic ans drug target research.
Management team: Mark Straley has resigned as the company’s president and CEO. Michael Kauffman is serving as interim executive director until a new CEO is hired. He previously co-founded oncology drug developer Karyopharm Therapeutics. Greg Critchfield. the lead director of the board, previously served as president and board member of Myriad Genetic Laboratories, the diagnostic subsidiary of Myriad Genetics, where he was responsible for launching seven novel molecular diagnostic products. Peter Blume-Jensen, the chief scientific officer, previously worked for Merck where he developed oncology drug discovery departments and programs linking therapeutics to patient responder populations, according to Metamark’s website.
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Market: More than 214,600 men were diagnosed with prostate cancer in 2008, according to the Centers for Disease Control. In the same year, 28,471 died of the disease.