MedTrace Pharma announced that it has raised €18.2 million (roughly $19 million) to fund the completion of its Phase 3 trial of its tech to make PET with oxygen-15 labeled water widely available.
15 O-water has a reputation as a gold-standard radioactive tracer for PET imaging, but supply chain problems around the substance have hindered adoption. Hørsholm, Denmark–based MedTrace, which opened a U.S. headquarters in downtown Minneapolis last year, seeks to solve the problem by moving 15 O-water production inside hospitals with an automated point-of-care chemistry system. A Phase 3 clinical trial of the system kicked off last year.
The investments surpassed MedTrace Pharma’s goal of raising €15 million — an achievement in a challenging fundraising environment that shows investors are confident in the company’s goal of making 15 O-water practically available for clinical diagnosis, according to CFO Ann Kristin Led.
“It is recognition and validation from investors that MedTrace is a well-run company with innovative technology and a promising future,” Led said in a news release.
In addition to completion of the Phase 3 trial, the money will enable MedTrace to complete two other strategic goals: the
finalization of the company’s evaluation software and the first regulatory approvals.
The Danish investors ATP and Medtravest, as well as the Swiss investors Swisscanto and Verve Ventures, were the lead investors.
Claus Berner Møller, VP at ATP and MedTrace board chair, said in the news release: “MedTrace has notably received the FDA’s acceptance to proceed directly to phase 3 because 15O-water is already well-described in research. The company provides a solution that addresses the cumbersome handling of the tracer, which holds great potential for diagnosing heart patients. At ATP, we see significant potential in MedTrace’s technologies, and we look forward to the results of the phase 3 trial and the next steps in MedTrace’s development.” Medical Design Sourcing