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news.NeoMatrix, a medical device company, has completed its C2 funding round totaling $15 million. This figure is, due to overwhelming investor demand, 50% more than the company's initial target of $10 million in new funding.
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In addition, NeoMatrix announced a current oversubscription of the C2 round totaling $1.2 million. In order to accommodate those investors who are part of this $1.2 million oversubscription – as well as those investors who indicated interest but were unable to participate – the company is initiating a small C3 round that will total $2 million to $3 million, under the exact terms and conditions as the C2 round.
The funding will be used to support further commercialization of the company’s technology for its Halo breast pap test. Waveland Capital Group acted as investment bankers for the NeoMatrix funding round.
John Stroh, CEO of NeoMatrix, said: “The success of our efforts is notable in what is obviously a very difficult financial climate. Clearly, our investors have recognized the exceptional investment opportunity of NeoMatrix and its Halo technology. Oversubscribing our offering confirms that opportunity and the strength of our Halo technology.”