NUCLEA BIOTECHNOLOGIES ANNOUNCES $3.4 MILLION IN CAPITAL COMMITMENTS
Pittsfield, MA – Nuclea Biotechnologies, Inc. today announced that the Company has closed on an additional $3.4 million in funding and committed financing. The financing includes $1.4 million in additional cash and $2.0 million in future commitments through March 31, 2012. This transaction finalizes the Company’s Series B Convertible Preferred Stock offering which amounted to $9.8 million.
The Pittsfield-based company is focused on the development, clinical validation and commercialization of novel diagnostic assays. It features a new franchise of diagnostic and monitoring tests based on Fatty Acid Synthase (FAS), a critical biomarker for tumors.
The new funds will be used to support the Company’s continued regulatory efforts in the development of its FAS Assays, including clinical trials, facility upgrades, new hires, and general operations.
“We are very excited with the progress we have made on our product development and regulatory efforts with FAS,” said Nuclea CEO Patrick Muraca. “The potential markets for these tests are significant, and we believe that this technology can revolutionize the way in which cancers are diagnosed and treated.”
“This round of financing is a vital step in our ability to prepare our business for the commercialization of the products we have developed and demonstrates the confidence our investors have in the Company,” added Nuclea CFO Robert Pierce
Nuclea Biotechnologies, Inc. -- is headquartered in Pittsfield, Massachusetts with additional operations in Worcester, Massachusetts. Nuclea has developed and is commercializing eleven unique diagnostic tests for colon, breast, leukemia, lung and prostate cancer. Nuclea also performs research leading to novel molecular oncology therapeutics and diagnostics for the pharmaceutical and biotechnology industries. http://www.nucleabio.com
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