MDI completes $1.9M Series B financing for Detect-Ready tests
Molecular Detection Inc. (MDI), a Berwyn, Penn.-based company developing Detect-Ready tests designed to increase the speed and accuracy of infectious disease diagnosis, has completed a $1.9 million Series B recapitalization financing.
This financing, in addition to a $1.5 million funding round earlier this year, will be used primarily to further advance MDI's Detect-Ready MRSA Panel and to develop MDI's new molecular diagnostic panels for the detection of sepsis and gastrointestinal (GI) infections in hospitalized patients.
"This is an exciting time as we advance the development and commercialization of our Detect-Ready tests for serious infections that are prevalent in hospitals," said Todd Wallach, CEO and chairman of MDI. "We appreciate the continuing support of our investors, which will enable us to expand our market presence worldwide and continue development of our new panels for sepsis and GI infections."
The Detect-Ready MRSA Panel is CE-marked for the detection of MRSA (methicillin-resistant Staphylococcus aureus) and MSSA (methicillin-sensitive S. aureus) pathogens. It is the only marketed PCR-based MRSA screening test with the proven ability to discriminate accurately between these pathogens and other related bacteria. The Detect-Ready MRSA Panel is currently available in the U.K., Germany, Ireland, Switzerland, Spain, Austria, the Netherlands, Belgium, Luxembourg, Australia and Israel, and is in late-stage development in the U.S.
MDI's Detect-Ready sepsis panel leverages MDI's patent-protected technology to pinpoint the source of the underlying infection and allow treatment to begin as soon as possible. Similarly, MDI's Detect-Ready gastrointestinal panel aims to be the first that can rapidly distinguish the source of serious GI infections in hospitalized patients. The company plans to launch the sepsis and GI panels in the E.U. during 2012.