SAN DIEGO, CALIFORNIA - May 1, 2008 - Astute Medical, Inc. today announced it has raised $6.25 million in an initial financing round led by De Novo Ventures. The proceeds will primarily be used to fund research and development aimed at the identification and validation of protein biomarkers with the goal of finding high potential diagnostic candidates.
"This investment is an exciting event that lays the foundation for our research and development activities," said Christopher Hibberd, Astute Medical chief executive officer. "We believe the participation of our lead investor De Novo Ventures demonstrates confidence in our ability to develop innovative diagnostic tests for use in acute hospital settings."
"Astute Medical has enormous potential to identify and deliver novel diagnostic tests that address costly diseases and medical conditions," said Fred Dotzler, managing director at De Novo Ventures. "We're delighted to work with Astute Medical and see promise in their goal of bringing innovative solutions to hospitals where poor diagnostic technologies contribute to delays and higher costs."
Astute Medical, founded in 2007, is led by Christopher Hibberd and Paul McPherson Ph.D., former members of the management at Biosite Incorporated, a leading diagnostics company acquired by Inverness Medical Innovations in 2007 for $1.7 billion. Hibberd served at Biosite for 10 years, most recently as senior vice president corporate development. Dr. McPherson was at Biosite for fourteen years, most recently as vice president research and development.
About Astute Medical, Inc.
Astute Medical is dedicated to improving diagnosis of high-risk medical conditions and diseases through the identification and validation of protein biomarkers that can serve as the basis for novel diagnostic tests. The Company's focus is community and hospital acquired acute conditions that require rapid diagnosis and risk assessment. Astute Medical will develop tests for patients who present to emergency departments with acute symptoms and for hospitalized patients who are at risk for an acute event. The Company's current areas of interest include abdominal pain, acute coronary syndrome, acute kidney injury, congestive heart failure, sepsis, and cerebrovascular disease.
Astute Medical, Inc.
Chief Executive Officer