NEW YORK (GenomeWeb) – Korean diagnostics firm NGeneBio said this week that it recently closed an $11 million Series B financing.
The company also achieved a CE-IVD mark for its HEMEaccuTest, which targets hematological malignancies, according to YoungJoon Moon, director of business development for the Seoul-based company.
NGeneBio’s new financing builds on the $1.9 million it raised last year with Korea Investment Partners. Seoul-based KIP returned for the latest round along with UTC Investment, IMM Investment, and DSC Investment, all three of which are also based in Korea.
Moon said that NGeneBio will use the proceeds to expand its presence in the next-generation sequencing-based precision medicine market, as well as in new product development, including investments in clinical studies and filings with regulatory entities.