NEW YORK – Numares Health said Tuesday it has secured €20 million ($21.3 million) from the European Investment Bank for research and development and a complementary €20 million from existing investors to commercialize its in vitro diagnostics platform.
Numares, which has offices in Regensburg, Germany, and The Woodlands, Texas, has been developing its fully automated Axinon System that combines nuclear magnetic resonance and artificial intelligence to measure metabolomic data from blood or urine samples and evaluate "metabolite constellations." The firm said the system improves the quality of diagnoses for chronic kidney, heart, and liver diseases, cancer, and multiple sclerosis, and provides early detection of signs of kidney transplantation rejection.
The firm said the EIB funding for research and development is a loan through the European Guarantee Fund's Venture Debt financing program. The money from existing investors will support marketing and commercialization of the firm's products in the EU and US.
"The use of artificial intelligence and highly standardized NMR data will result in a variety of algorithms to diagnose and manage a number of diseases," Numares CEO Winton Gibbons said in a statement. "With the EIB venture debt financing, we will bring this novel, revolutionary technology to the patients who need better diagnostic tools."