April 1, 2014 @ 4:31 pm
Funds Product Development for High Throughput Molecular Diagnostic Platform
NeuMoDx Molecular, Inc., a privately held diagnostics company developing a new platform for high throughput, low cost molecular testing, today announced completion of its Series B financing. Pfizer Ventures led the $21 million Series B, which also included investment from Baird Capital, Venture Investors, and existing investor Arboretum Ventures. This financing will be used to fund development of the NeuMoDx 500 Molecular IVD System, a fully automated, random access platform capable of performing RNA and DNA-based assays. In addition to completing platform development, this funding will enable the company to pursue clinical trials and regulatory approvals for the system’s first assays.
“We are thrilled to have a strong investor syndicate supporting NeuMoDx during a critical period for the company,” said Jeff Williams, Founder and CEO of NeuMoDx. “We have made excellent progress over the past 24 months, and are now ready to accelerate development and validation of this exciting platform. The molecular diagnostic market continues to grow, and we see a great unmet opportunity for a system with improved workflow and a lower cost per test.”
“Molecular diagnostics are of increasing importance to the pharmaceutical industry as it pursues precision medicine approaches to new therapeutics.” added Bill Burkoth of Pfizer Ventures. “The NeuMoDx team has a deep understanding of the markets and technology in the space, and has designed an IVD platform intended to significantly reduce the cost, time, and complexity of conducting molecular-based tests for precision medicine.”
NeuMoDx began operations in 2012 after closing a $5 million Series A financing with Arboretum Ventures. Wolverine Venture Fund, a student-led venture capital fund at the University of Michigan, also participated in the Series A and B financings.
NeuMoDx Molecular, Inc. will provide hospital and clinical reference laboratories with a superior solution for in vitro molecular diagnostic testing. The NeuMoDx platform will offer significantly improved ease of use, considerably lower costs and dramatically higher performance as compared to other systems for nucleic acid testing. The company is led by Jeff Williams (Founder & CEO) and Sundu Brahmasandra (President), who have demonstrated success in building in vitro diagnostic companies, including HandyLab, a molecular diagnostic company which sold for $275 million in 2009.