MDxHealth, a molecular diagnostics company that develops epigenetic tests for cancer assessment and treatment announced that it has raised $23.6 million in a private placement by issuing 8.7 million new shares at €2.06 per share—the average closing price of the shares during the 30 preceding calendar days. The Liege, Belgium-based firm apparently plans to use the funds to “support and scale up” its U.S.-based commercial laboratory, U.S.-based sales and marketing efforts and commercial efforts for Clinical Molecular Diagnostics and Pharmaco Molecular Diagnostics solutions and services for clinicians and pharmaceutical customers.

“This financing marks a major milestone in the growth and success of our company, said MEDxHealth CEO Jan Groen. “In response to the increasing demand for our ConfirmMDx™ for Prostate Cancer test in the U.S., we will expand our commercial efforts by investing in personnel and infrastructure to ensure we are well positioned for new tests emerging from our product pipeline.” See MDxHealth News Release, June 25, 2013.