TAI develops diagnostic tests to monitor the health of transplanted organs. CEO Frank Langley says the company has now launched its myTAI Heart test, and is planning clinical trials on tests for other organs as well.
According to a filing with the Securities and Exchange Commission, the company was aiming to raise $13 million in total, and is closing the round at $12.83 million. That money was raised between October 2017 and May of this year.
This brings the total raised by TAI Diagnostics to just under $24 million.
Langley says funds will also be used for hiring additional R&D personnel and product development, as well as commercial sales and marketing.
According to a release from the company, the current standard for monitoring the status of organ transplants is tissue biopsy, but these present problems like sampling error and high cost. The TAI test tracks organ status based on small DNA fragments found in blood samples.
TAI Diagnostics was first founded in 2015 based on technology licensed from the Medical College of Wisconsin. The inventors and company founders are Michael Mitchell, a pediatric surgeon at the Herma Heart Institute of Children’s Hospital of Wisconsin; and Aoy Tomia-Mitchell, a professor and researcher at MCW.
See the SEC filing here.