NOWDiagnostics Secures $22.5 Million in Series B Funding
2024年7月9日 - 9:17PM
ビジネスワイヤ(英語)
New investment will accelerate the development
and expansion of rapid at-home diagnostic solutions, bolstering
NOWDx’s position as a visionary in the industry
NOWDiagnostics, Inc. (NOWDx), a developer of over-the-counter
(OTC) and point-of-care (POC) diagnostic tests, today announced it
has raised $22.5 million in Series B financing. Led by DigitalDx
Ventures, with notable investors including the Labcorp Venture Fund
and Kompass Kapital Management, this oversubscribed funding round
will be used to drive the commercialization of at-home diagnostic
tests, continue developing new diagnostic innovations, expand the
pipeline of tests, and support strategic hiring initiatives.
NOWDx was founded to provide accurate, accessible, and
affordable diagnostic testing for at-home use. The company’s First
To Know® Syphilis OTC test is undergoing De Novo review by the U.S.
Food and Drug Administration (FDA). First To Know® has the
potential to be the first and only rapid syphilis test in the U.S.
that provides an at-home result in minutes. In addition to
syphilis, NOWDx has over 30 diagnostic tests in the clinical
research pipeline that have the potential to provide accurate
results in minutes.
"We are thrilled to have the strong support of our investor
group, which spans both new and returning participants," said Rob
Weigle, CEO of NOWDx. “This oversubscribed round is a testament to
our technology platform and mission. Testing is one of the most
crucial tools in preventing the spread of infection and ensuring
the well-being of public health. We are committed to making
accurate, easy-to-use, and affordable at-home tests available to
all."
The patented technology platform that powers NOWDx’s products
represents a significant advancement in rapid diagnostics. With
over 75 patents issued and pending, the company’s innovative
approach allows virtually any immunological assay to be accurately
performed in one step using a small amount of capillary blood,
yielding results in minutes. Their platforms also include saliva
and plasma test technologies, enabling next-generation rapid
testing at home without needing a blood draw or throat swab. These
innovations enhance accessibility and ensure that individuals can
quickly and confidently take the necessary steps for their health
and well-being in the privacy of their homes.
"This investment in NOWDx underscores our confidence in their
visionary leadership and commitment to providing diagnostic
innovations that could save lives," said Seth Auld, Vice President
of Portfolio Management & Investment Originations at Kompass
Kapital Management. "The importance of at-home testing cannot be
overstated, as it enhances access to essential personal health
information quickly to make more informed decisions for one’s
health. We look forward to witnessing the impact of their
pioneering technology on health outcomes and the subsequent impact
this technology will enable."
About NOWDiagnostics (NOWDx)
NOWDx develops and manufactures over-the-counter (OTC) and
point-of-care (POC) diagnostic tests. Its patented approach enables
virtually any immunological assay to be accurately performed onsite
in one step using a small amount of capillary blood, yielding
results in minutes. With over 75 patents issued and pending,
NOWDx’s First To Know® and ADEXUSDx® product lines are available in
markets worldwide. Founded in 2013, with headquarters and
manufacturing in Springdale, Arkansas, NOWDx envisions a world
where people have greater access to in-home testing with results in
minutes. The company is committed to changing healthcare by
providing accessible, affordable, and accurate testing for all.
Please visit nowdx.com for more information.
About Labcorp
Labcorp (NYSE: LH) is a global leader of innovative and
comprehensive laboratory services that helps doctors, hospitals,
pharmaceutical companies, researchers and patients make clear and
confident decisions. We provide insights and advance science to
improve health and improve lives through our unparalleled
diagnostics and drug development laboratory capabilities. The
company's more than 67,000 employees serve clients in approximately
100 countries, provided support for 84% of the new drugs and
therapeutic products approved in 2023 by the FDA, and performed
more than 600 million tests for patients around the world. Learn
more about us at www.Labcorp.com.
About DigitalDx Ventures
DigitalDx Ventures is a woman-owned Venture Capital fund in
Silicon Valley supporting companies that diagnose illness earlier,
less invasively, more accurately and less expensively enabled by
artificial intelligence and data. The Fund is committed to
producing a triple bottom line: superior financial returns,
diversity and access to healthcare for all. There are currently 8
companies in the portfolio providing game changing diagnostics in
Alzheimer's diagnosis, kidney health, breast cancer, mental health,
maternal health, patient monitoring and multi cancer screening. For
more information, visit https://www.digitaldxventures.com/
About Kompass Kapital Management
Kompass Kapital Management (KKM) is a diversified private equity
group committed to creating long-term value by providing resources
beyond capital. With a portfolio that spans multiple industries and
geographies, KKM partners with entrepreneurs who share their values
and vision. For more information, visit
https://kompasskapital.com/
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version on businesswire.com: https://www.businesswire.com/news/home/20240709443372/en/
Media Contact: Alexander Romero-Wilson Health+Commerce
(for NOWDx) alexander@healthandcommerce.com