Matritech gets new financing

Matritech has closed a $4.36 million private placement and elected two new directors to its board.

The Newton company develops protein-based diagnostic products for the early detection of cancer.

Current investors SDS Capital Group SPC Ltd., H&Q Life Science Investors, and various ProMed funds were significant participants in the financing, the company said.

"The new financing affords Matritech the opportunity to continue the momentum we have developed in the sales of our NMP22 BladderChek Test," Matritech chairman and chief executive Stephen D. Chubb said in a statement. "Equally important, this funding demonstrates the commitment of our investors to the long-term success of the company."

The company also said that David B. Musket, president of Musket Research Associates Inc., and Robert J. Rosenthal, chief executive of Magellan Biosciences Inc., have been elected to its board of directors.
(By Chris Reidy, Globe staff)