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VenomAid Raises $1.8M to Develop Snakebite Test Kits

NEW YORK — VenomAid Diagnostics, a Danish developer of tests for snakebites and other toxins, said Tuesday that it has raised $1.8 million in seed funding.

The financing was provided by philanthropic venture fund Good Ventures and unnamed angel investors.

VenomAid was founded in 2018 to commercialize in vitro diagnostics for snakebite testing that can help guide the selection of appropriate antivenoms. The company's lead product candidate, the Bothrops kit, is designed to identify venoms of members of Bothrops, a genus of pit vipers found in North, South, and Central America, as well as the Caribbean.

The point-of-care lateral flow assay detects antibodies against the venoms of Bothrops snakes, according to the company's website.

"This funding will allow us to execute our vision of bringing affordable diagnostics to snakebite victims around the world," VenomAid CEO Jonas Arnold Jürgensen said in a statement. "More specifically, we are now gearing up for clinical pilots in Brazil and plan to initiate manufacturing of our rapid tests, bringing us closer to market."