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Gradientech Closes $2.2M in Equity Funding

NEW YORK (360Dx) – Gradientech said today that it has raised 20 MSEK ($2.2 million) in equity funding from existing investors for the continued design and development of its microfluidic QuickMIC diagnostic system, which uses phenotypic bacteria growth analysis to enable rapid antibiotic testing and treatment of sepsis patients.

The Uppsala, Sweden-based biotech and diagnostics firm said that it has raised $4.5 million in private equity funding during the past year. It anticipates beginning clinical validation of its diagnostic system during 2019.

In conjunction with closing of the funding round, Gradientech appointed Henrik Didner, cofounder of Didner & Gerge, an Uppsala-based fund management firm, to its board of directors.

Rapid antibiotic susceptibility testing is considered essential for improving sepsis patient survival, especially in the context of rising antibiotic resistance, the firm said.