NEW YORK (360Dx) – Group K Diagnostics said today that it has secured $2 million in Series A funding.
The funding follows a $425,000 angel funding round that the company disclosed in September.
Philadelphia-based GKD said it is developing a microfluidic point-of-care platform called MultiDiagnostic to provide test results in 20 minutes.
"With this announcement, we are continuing the expansion of our lab facilities, a critical component to the ongoing evaluation of our current clinical trial for liver-function testing," Russ Van Fossen, senior lab technician at GKD, said in a statement. "This round of funding will also support the work our team needs to complete to obtain 510(k) clearance from the [US] Food and Drug Administration."
In September 2016, GKD began developing a multitest, modular point-of-care platform small enough to fit in the palm of the hand that it said could eventually handle up to 40 different types of tests.
The firm said that in 2019 it anticipates beginning clinical trials for a comprehensive metabolic panel.
"The growth and expansion enabled by this investment brings our team closer to making our mission a reality — providing reliable, affordable test results to patients and giving providers the opportunity to take immediate therapeutic action based on those results," said Brianna Wronko, GKD's founder and CEO.