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NanoDiagnostics Closes $18M Series C Round

NEW YORK — Traumatic brain injury diagnostics firm NanoDiagnostics said on Wednesday that it has raised $18 million through a Series C financing round.

The round was led by the alternative investment division of investment advisory firm Shepherd Kaplan Krochuk.

NanoDiagnostics said it will use the funds to further development of its NanoDx system, a blood-based test designed to detect a concussion at the point of care, point of injury, or at a remote testing site. The test, previously called Tbit, uses nanowires functionalized with monoclonal antibodies to measure two protein biomarkers — glial fibrillary acidic protein and S100 beta — that have been shown to increase in blood after traumatic brain injuries.

"Our shareholders approved an increase in the oversubscribed initial financing, originally targeted to be $15 million, to $18 million in May 2020," NanoDiagnostics President and CEO Sharad Joshi said in a statement. "These funds will drive final product validation, scale up of our NanoDx system manufacturing, and initial product introductions into the US and European markets."

Southborough, Massachusetts-based NanoDiagnostics — formerly known as BioDirection — said that it expects to launch the NanoDx system in Europe this summer and in the US later this year pending US Food and Drug Administration clearance. The company is also developing a test to detect SARS-CoV-2 antigens in blood or saliva, which it said it is preparing to submit to the FDA for Emergency Use Authorization.