Belgian Biotech Raises €36M to Develop Tests for Urological Cancer
MDxHealth has raised €36M in a private placement to develop its diagnostic tests for urological cancer.
MDxHealth has raised €36M in funding through a private placement to develop two tests for urological cancer, launch a new test, and promote the use of its tests with doctors and payors in Europe and the US. The new shares will start being traded on Euronext Brussels next week valued at a market cap of €185M.
Urological cancers are common and can affect the bladder, kidney, prostate and testicles. For example, prostate cancer will affect 1 in every 10 men over the age of 50.
MDx plans to expand the clinical indications for its existing SelectMDx test, which helps identify patients at risk for an aggressive form of prostate cancer. The test uses RT-PCR to identify biomarkers connected with an increased probability of high-grade prostate cancer. Additionally, it aims to increase sales of its AssureMDx liquid biopsy test for bladder cancer that can identify patients who may benefit from cytoscopy.
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