NEW YORK – Pattern Bioscience announced on Thursday that it has completed a $28.7 million Series C financing round.
The round was led by Illumina Ventures and Omnimed Capital and included participation from the Antimicrobial Resistance Action Fund and Daleshaw. Including the Series C round, Pattern has now raised $68 million to date, the company said in a statement. The firm raised $6.4 million in a Series B funding round in 2020, along with an additional $9 million in Series B-1 funding the same year.
The funding will be used to complete the development of the firm's rapid phenotypic test platform, perform clinical validation studies, and submit both the platform and its pneumonia test to the US Food and Drug Administration for regulatory review.
The firm's platform, which is based on single-cell analysis of microorganisms and machine learning, can identify an infection's causal pathogen and profile its antibiotic susceptibility in hours, the Austin, Texas-based company said. Its first test for hospitalized patients with pneumonia received breakthrough device designation from the FDA in 2021.
Nick Arab, Pattern's cofounder and CEO, said in a statement that the company believes its technology "will significantly impact patient outcomes and help tackle the growing challenge of antibiotic resistance."