Sources inform ''Globes'' that obstetrics and gynecological diagnostic company Diagnostic Technologies Ltd. (DTL) has raised $600,000 from its existing investors, $250,000 of it from Teuza - A Fairchild Technology Venture Ltd. (TASE:TUZA). The sum is part of a $3 million financing round the company is currently holding. DTL will use the funds to complete a clinical trial to secure FDA approval for its lead product, placental protein-13 (PP13) - a biomarker to screen for preeclampsia, intrauterine growth restriction and preterm delivery.
DTL CEO Dr. Hamutal Meiri said, "The progress we have made and our filing with the FDA have created a tremendous opportunity, but also financial commitments. In view of this, we intend to hold further meetings and discussions with potential investors."
DTL has raised $7 million to date from a number of investors, including a group headed by Shmulik Reuveni, as well as Uzia Galil, Harvey Kruger, Ken Abramowitz, Yossi Porat, and Leon Recanati.
DTL has already begun marketing its product in the US, ahead of the expected FDA approval.
Published by Globes [online], Israel business news - www.globes-online.com - on December 8, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008