SpeeDx today announced it has raised $15 million in additional series B equity investment from U.S.-based Northpond Ventures. This investment comes with a company value uptick of 21.22%.
“SpeeDx’s molecular diagnostic solutions are having a profound global impact in the areas of STIs, antibiotic resistance markers, and respiratory diseases,” said Michael P. Rubin, M.D., Ph.D., Founder and CEO of Northpond Ventures.
The funds will support expanding global menu and further U.S. clinical trial activities. SpeeDx is finalizing clinical trials for their flagship product ResistancePlus® MG, detecting the STI Mycoplasma genitalium (Mgen) and genetic markers linked to antibiotic resistance of the common macrolide frontline treatment. Pre-clinical testing is wrapping up in preparation for commencing U.S.-based clinical trials for ResistancePlus® GC—a test to determine susceptibility of gonorrhoea infections to ciprofloxacin treatment. This test has been granted Breakthrough Device designation by the FDA which will fast track the registration process.
SpeeDx CFO Bhavin Raval said, “As we rapidly expand and enter into more collaborative partnerships, these additional funds will support the necessary structural and process investments to ensure strong pipeline and service growth throughout this year and beyond.”
Read the full press release.