Molecular biotech firm Rarity Bioscience announced Tuesday that it has successfully closed a 6.5-million euro ($7 million) funding round.
The round of funding was led by Navigare Ventures, with participation from existing shareholders including UU Invest (the investment arm of Uppsala University), Ulf Landegren, and Novalis Biotech, an early-stage venture capital investor, as well as external strategic investors.
In a statement, the Uppsala, Sweden-based Rarity stated that the funding will be used to further develop the company's SuperRCA nucleic acid mutation detection technology for research and clinical use, accelerate its commercialization and market strategy, and enhance its operational capabilities, thereby advancing the firm's mission to democratize nucleic acid mutation detection, Rarity said.
Additionally, Alex Basu from Navigare Ventures and Jaroslav Belotserkovsky from Novalis Biotech will join Rarity's board of directors.
