Thursday, July 17, 2008

BG Medicine grabs $40M fourth-round funding

By Mass High Tech Staff

Waltham-based BG Medicine Inc. has garnered $40 million in fourth-round funding for use in commercialization of its first two biomarker-based diagnostic tools.

New investors included Legg Mason Capital Management, GE Asset Management and SMALLCAP World Fund, adding to current investors Flagship Ventures, Gilde Healthcare Partners, Humana, and Stelios Papadopoulos.

Founded in 2000, BG Medicine is a privately held life sciences company focused on commercializing molecular diagnostics to detect serious conditions. Its diagnostic tools, developed from biomarkers, help identify patient response to particular treatments and drug therapy.

The company racked up $2.9 million in reported expenses, according to SEC filings, by registering for an IPO in August 2007 and withdrawing in January, due speculative market conditions.

In February, BG Medicine reported that it had reached a deal to obtain exclusive rights to a clinical test for a vascular condition called acute atherothrombosis from ACS Biomarker BV of the Netherlands.