5th Oct 2015 06:51
LONDON (Alliance News) - Allied Minds PLC Monday said its subsidiary Precision Biopsy has raised USD33.6 million to accelerate the commercial expansion of its ClariCore Biopsy product for prostate biopsy procedures.
Allied Minds contributed around GBP16.6 million to Precision Biopsy in the funding. As a result the value of Allied Minds' 68.3% holding in Precision Biopsy has increased to USD61.8 million from USD45.6 million, it said.
ClariCore is a device designed to provide accurate real-time classification of prostate tissue during biopsy procedures. Precision Biopsy is also looking to accelerate the development of its Focal Therapy programme, a therapy using the same optical tissue-targeting technology used for the ClariCore system.
Allied Minds said the funding round had been led by Woodford Investment Management, which contributed around USD15.0 million to the financing.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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