San Diego-based molecular-diagnostics company Applied Proteomics Inc. has closed a $28 million Series C financing round. With the investment, it will begin commercializing its diagnostic tools, the company said.
The round of financing was led by Malaysia-based investment holding group Genting Berhad, but existing investors Domain Associates and Vulcan Capital also participated. Genting Berhad’s Chairman and CEO Tan Sri Lim Kok Thay was appointed to the API board of directors.
The Series C funding will be used to commercialize a blood test for colorectal cancer, which kills 50,000 each year in the U.S. The company will be able to “capitalize on the significant unmet need of directing high-risk patients toward colonoscopy,” it said in a statement.
— Meghana Keshavan