NEW YORK — Pocared Diagnostics said on Thursday that it has received a $50 million capital commitment from Luxembourg-based investment group GEM Global Yield.
GEM will provide the financing after Pocared goes public through a planned merger with a special purpose acquisition company.
Pocared said that it is permitted to determine the timing and maximum amounts of drawdowns during the 36-month term of the commitment. In exchange, GEM will be issued warrants to purchase up to 5 percent of Pocared stock following the planned public listing.
Pocared said that it will use the funding to further develop and commercialize its P-1000 system, which uses intrinsic fluorescence, optical data analysis and artificial intelligence to analyze the multidimensional optical characteristics of microorganisms.
The Rehovot, Israel-based company calls its core technology Culture-Free Microbiology and said its system will be designed for use in detecting, identifying, and quantifying pathogens in biofluids — initially in urine — in order to help guide the treatment of infections.
"Our system will provide microbiology labs with much more rapid screening and organism identification/susceptibility results, which will greatly improve lab productivity and yield important timely information to clinicians which will help them target therapeutics and demonstrably improve health outcomes," Pocared Chairman Ed Ludwig said in a statement.