Friday, March 13, 2009

NeoMatrix Gains $15M In Funding

Irvine-based NeoMatrix, a developer of a noninvasive breast cancer screening device, said Friday that it has completed a C2 funding round, worth $15M. Investors in the round were not disclosed. According to the firm, the round was oversubscribed, exceeding an initial target of $10M in the new funding round. NeoMatrix also said it was not done raising capital, and that it has initiated a C3 round of between $2 and $3M at the same terms. NeoMatrix said the new funding will go towards further commercialization of the firm's products. The company is developing a 5-minute, noninvasive test which looks for precursors to breast cancer, which can be used to determine a woman's risk of getting the disease. NeoMatrix said it was assisted by investment banking group Waveland Capital Group in the funding. More information »