SpeeDx, the developer of clinical diagnostics to support patient outcomes, has raised $15 million in additional series B equity investment from US-based Northpond Ventures.
"SpeeDx's molecular diagnostic solutions are having a profound global impact in the areas of STIs, antibiotic resistance markers, and respiratory diseases," said Michael Rubin, MD, PhD, Founder and CEO of Northpond Ventures.
"We've already seen how their diagnostic solutions for infectious diseases can translate to improved patient management, and Northpond Ventures is thrilled to continue this partnership as SpeeDx grows their global footprint."
SpeeDx said it is finalising US-based 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.
Resistance rates in Mgen infection are steadily rising. This is leading to difficult-to-treat infections. Recommendations for resistance testing to better inform treatment decisions can be found in Mgen management guidelines.
The company said a recent partnership with Cepheid also saw the development of ResistancePlus MG on the GeneXpert platform (available in Australia, New Zealand, and parts of Europe), as part of their FleXible cartridge program. This product was launched in late 2019 and is providing clinicians with information to assist management of Mgen infections and adhere to management guidelines.
According to SpeeDx CFO Bhavin Raval, "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."