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NowDx Raises $22.5M in Series B Funding Round

NEW YORK – Point-of-care and over-the-counter testing firm NowDiagnostics (NowDx) said Tuesday that it has raised $22.5 million in a Series B funding round.

The company said it plans to use the funds to develop new tests and diagnostic technologies and to drive commercialization of its at-home diagnostics, including its First To Know Syphilis OTC test, which is undergoing de novo review by the US Food and Drug Administration.

The round was led by DigitalDx Ventures with participation from additional investors including the Labcorp Venture Fund and Kompass Kapital Management.

According to Springdale, Arkansas-based NowDx, the company's testing technology can perform most immunological assays in minutes using capillary blood samples. Its platforms can also use saliva for some testing, enabling home-based testing without requiring a blood sample. The company currently has more than 30 diagnostic tests in its clinical research pipeline.

Seth Auld, VP of portfolio management and investment originations at Kompass Kapital Management, in a statement said, "The importance of at-home testing cannot be overstated, as it enhances access to essential personal health information quickly to make more informed decisions for one’s health."