NEW YORK – Diagnostics firm MeMed said Monday that it has closed a $93 million private financing round.
The Haifa, Israel-based company said it will use the funds to scale up manufacturing and accelerate commercialization of its MeMed BV and MeMed COVID-19 Severity tests, as well as to expand its host immune response-based test portfolio.
Participating investors included Horizons Ventures, Shavit Capital, Social Capital, La Maison Partners, Touchwood Capital, Caesara Medical Holdings, Union Tech Ventures, ClaI Insurance, Phoenix Insurance, Poalim Equity, and Western Technology Investment.
MeMed has now raised more than $200 million in total funding.
The company's lead product is its MeMed BV test, which measures the levels of three proteins to assess whether an infection is likely bacterial or viral. The assay recently received 510(k) clearance from the US Food and Drug Administration.
The MeMed COVID-19 Severity test, which measures three proteins to predict severe outcomes in COVID-19 patients, received the CE mark in July.
"This new investment will enable MeMed to expand operations with a focus on the US," Eran Eden, MeMed's cofounder and CEO, said in a statement. "We are grateful to our investors for their support and will leverage the funds, the recent FDA clearance, and our growing network of partnerships to provide broad patient access to our technology, as well as expand our product portfolio of pioneering host response solutions."
"We strongly believe that MeMed’s strategy of using host immune response technologies is a significant advance in the improvement of two major issues in healthcare today: the rise of antimicrobial resistance due to unnecessary prescription of antibiotics and effectively triaging patients infected with COVID-19," said Horizon Venture's Patrick Zhang.