Deal Round-up 14/11/01

Company offering lab testing services for anti-cancer treatments secures $17.5m investment.

Precision Therapeutics, a company offering laboratory testing services, has secured $17m funding. Techno Venture Management of Munich and US venture capitalist Birchmere Ventures led the round. Two other US VCs Draper Triangle and Stephens also committed.

Precision has developed a way to grow human tumour-derived cells in culture and evaluate their response to anti-cancer drugs. Test results help physicians to identify which anti-cancer drugs are compatible with each individual patient. The money raised will be used to recruit managers, conduct additional research and clinical studies, and build a direct sales distribution channel.