NEW YORK (360Dx) – Portable diagnostic platform development firm 1Drop announced today is has raised $4.25 million in Series A financing.
The company, which has offices in Boston and in Neuchatel, Switzerland, will use the funding to expand research and development of its technology and to commercialize it. Its device uses a drop of blood applied to a biochip to provide a "complete panel" of diagnostic test results within 15 minutes, 1Drop said. It plans to conduct clinical studies to demonstrate the platform's utility for near-patient use and to develop additional panels of tests. It also plans to pursue regulatory approvals and integrate diagnostic test results with electronic medical records.
1Drop said its device has been vetted in clinical validation studies in hospitals, clinical laboratories, and pharmaceutical companies, and it is collaborating with Massachusetts General Hospital, Harvard University, NASA, and the Swiss Federal Institute of Technology.
Additionally, it is working with three unnamed pharmaceutical firms to develop companion diagnostic tests for cardiology, autoimmune disease, and glucose metabolism drug candidates, and it plans on working with drug firms, as well as diagnostic and biomarker companies, to develop "more integrated solutions between diagnostics and therapeutics that improve the outcome for the individual patient," it said.
The $4.25 million financing was led by Christian Wildmoser, former partner at CVC Capital Partners and the Swiss Startup Group, a holding company of the Swiss Startup Factory, and which invests in early-stage Swiss companies. Other members of the Swiss Startup Group, including Hans-Peter Strebel, also participated in the financing round. Beat Schillig of IFJ Institute for Young Entrepreneurs and Jean-Philippe de Toledo, CEO of Pharmacie Principale, also invested in the round. VentureLab supported the financing round, as well.