NEW YORK – German neonatal diagnostic firm InfanDx announced on Tuesday that it has closed the second tranche of its oversubscribed Series A funding round, raising approximately €2 million ($2.2 million).
The second tranche follows the first closing of the round in July 2021, which raised €4 million. German investor FIL Bros. Capital subscribed to a "significant share" of the capital raised, joining both new and existing investors in the round, InfanDx said in a statement.
The money will be used to further develop the company's HypoxE test for hypoxic ischemic encephalopathy, a neonatal birth injury that causes brain damage. Currently, the test is in advanced clinical development and being used in two longitudinal cohort studies, one that is completed and one expected to finish by the end of Q1 2022, the firm said.
Further, the funding will be used over the next year to finalize the design and validation of the biomarker panel and its interpretive algorithm, develop prototype HypoxE tests for lab and point-of-care settings, develop the first version of a cloud-based HypoxE interpretation software for clinical decision support, and set up US clinical development operations to begin a trial for US Food and Drug Administration approval.
InfanDx has a Series B round planned for the third quarter of 2022, which it expects to use to fund product launches in Europe and potential FDA approval, company CEO Achim Plum said in a statement.