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MeMed Gets €2.5M to Accelerate Point-of-Care Platform Launch

NEW YORK – Infectious and inflammatory disease diagnostics firm MeMed announced Wednesday that it has received €2.5 million ($2.8 million) in funding from the European Innovation Council to accelerate expansion of its MeMed BV test's applicability.

MeMed BV is an immune system-based protein signature test distinguishes between bacterial and viral infections and runs on the company's MeMed Key point-of-care platform. The Haifa, Israel-based company said in a statement it will use the money to widen MeMed BV's capability to include minimally invasive capillary blood samples.

The money will also be used to fast-track evidence validating the test's clinical utility. In addition to the money, MeMed will also receive services from the EIC to more quickly scale their business and bring their technologies to the market.

An ELISA format of the MeMed BV, called ImmunoExpert, has the CE-IVD mark and is cleared for use in the European Union, Switzerland, and Israel.

Last year, the company raised more than $70 million in a round of financing and received a $4.1 million grant from the US Department of Defense.