NEW YORK (360Dx) – Infectious and inflammatory disease diagnostics firm MeMed today announced it completed a new round of financing that totaled more than $70 million.
The financing will go toward driving market adoption of MeMed's immune system-based test for distinguishing between bacterial and viral infections called MeMed BV. The funds will also be used to complete development, upscale manufacturing, and clearance of another technology called MeMed Key, a point-of-care protein measurement platform, and to expand the company's pipeline of tests.
Investors in the round included Ping An Global Voyager Fund; Foxconn; Caesarea Medical Holdings; Clal Insurance; Phoenix Insurance; OurCrowd; Social Capital; WTI; Horizons Ventures; and unnamed high-net-worth individuals, MeMed said.
"For nearly a decade with leading academic and commercial partners, we've developed MeMed BV and then generated high-quality, double-blind clinical evidence to validate it," MeMed Cofounder and CEO Eran Eden said in a statement. "When measured on MeMed Key and on other platforms, MeMed BV has the potential to serve as a valuable tool in the fight against resistant bacteria — one of the biggest healthcare challenges of our time."
Based in Haifa, Israel, the company offers an ELISA-based, CE-marked version of MeMed BV called ImmunoXpert, which is in pilot distribution in the European Union, Switzerland, and Israel. The test measures three proteins to determine whether a person's infection is viral or bacterial. Earlier this year, a published study demonstrated ImmunoXpert could determine whether a patient had a viral or bacterial infection with a specificity of 94.3 percent and a sensitivity of 93.5 percent.
The company also received a $4.1 million grant from the US Department of Defense earlier this year and a $9.2 million grant from DoD's Defense Threat Reduction Agency in 2017.