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ProciseDx Raises $10.5M in Series A Financing Round

NEW YORK – Point-of-care diagnostic firm ProciseDx said on Tuesday that it has raised $10.5 million in a Series A financing round led by French diagnostics company Biosynex. 

ProciseDx raised $8.5 million of equity and $2 million of debt to fund ongoing development and commercialization of its point-of-care diagnostic platform. Lead investor Biosynex now owns 37 percent of the company and will join its board, while Nestle Health Science, which previously owned 100 percent of ProciseDx, will remain a significant minority shareholder.

San Diego-based ProciseDx is developing rapid diagnostic tests for the physician's office, with turnaround times of two to five minutes. The tests use finger prick blood or stool samples, and the first menu includes inflammatory and drug monitoring tests for gastroenterologists. 

ProciseDx, which was spun off from Nestle Health Science's Prometheus Laboratories, will also be the US distributor for the Biosynex COVID-19 BSS Antibody test, which has been submitted to the US Food and Drug Administration for Emergency Use Authorization. ProciseDx, on behalf of Biosynex, has also initiated clinical trials to obtain a finger prick blood claim for the 10-minute blood test, which detects anti-SARS-CoV-2 antibodies.

ProciseDx President and CFO Peter Westlake said in a statement that the firm will launch its diagnostic technology platform in France, Switzerland, Italy, and Spain in the third quarter of 2020 with a test for therapeutic drug monitoring of infliximab and adalimumab, a test for C-reactive protein, and a fecal calprotectin assay. In May, Biosynex became the distribution partner for ProciseDx's gastrointestinal diagnostics in France.