Molecular Detection Inc. in Wayne, Pennsylvania, a company developing tests for diagnosing infectious diseases, says it has completed a new $1.9 million round of series B financing, the second funding installment after initial start-up. All existing investors, says the company, took part in the round, including MentorTech Ventures, Robin Hood Ventures, Elm Spring Holdings, and the Mid-Atlantic Angel Group.
Molecular Detection’s technology uses polymerase chain reaction (PCR) testing based on DNA analysis to detect pathogens at extremely low target concentrations in samples. The company says its tests can be done in real time without the daily reagent preparation or cold storage usually required for PCR tests. The tests also return results with greater sensitivity and specificity, thus reducing rates of false positives and negatives.
The company anticipates the funds will be used to advance its MRSA detection panel and to develop new molecular diagnostic panels for the detection of sepsis and gastrointestinal (GI) infections in hospitalized patients. The Detect-Ready MRSA Panel is approved and available in Europe, Australia, and Israel for the detection of MRSA (methicillin-resistant Staphylococcus aureus) and MSSA (methicillin-sensitive S. aureus) pathogens. It has not yet been approved in the U.S.
Molecular Detection says its sepsis test panel is designed to pinpoint the source of the underlying infection and allow treatment to begin as soon as possible. The gastrointestinal panel aims to be the first that can quickly distinguish the source of serious GI infections in hospitalized patients. The company plans to introduce these tests in Europe later this year.
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