Tuesday, February 3, 2009

MolecularMD Receives $3M Investment

A Florida-based venture capital firm announced recently that it has invested $3 million into MolecularMD Corp. According to Ballast Point Ventures, MolecularMD will use the funds to finance expansion of its assay portfolio and corporate infrastructure. Headquartered in West Palm Beach, Fla., MolecularMD provides diagnostic tests that aid in the development and approval of potential cancer therapies. Founded in 2006 by Sherry Snyder, who also established Genzyme Corp. and Upstate Inc., the startup maintains a testing laboratory in Portland, Ore. Ballast Point Ventures is a late-stage VC fund that targets privately owned companies throughout the Southeast and Texas.