Novel Microdevices, Inc., a Baltimore, MD-based chief in medical diagnostic innovation, acquired an extra $2.68m in follow-on funding from the Nationwide Institutes of Well being (NIH) Fast Acceleration of Diagnostics (RADx®) Tech program.
The funding follows the completion of crucial efficiency milestones for its high-performance, point-of-care RT-PCR platform, which quickly detects RSV, Influenza A, Influenza B, and COVID-19 in simply quarter-hour.
The corporate initially acquired $1.4m in Part 1 funding in August 2023 to help the event of its next-generation diagnostic platform. Part 1’s success highlights Novel Microdevices’ functionality to advance point-of-care molecular diagnostics, providing laboratory-quality testing straight in medical settings. With the follow-on award, the corporate is poised to speed up commercialization efforts, aiming to carry superior diagnostic options to market extra shortly.
Led by Andrea Pais, CEO, Novel Microdevices is a medical diagnostics firm, whose flagship product, the Novel Dx machine, offers a fast, moveable, and multiplexed answer for detecting infectious illnesses on the level of care.
Launched in April 2020, the RADx Tech program goals to expedite innovation in COVID-19 diagnostics. On this newest funding section, this system focuses on advancing high-performance point-of-care and over-the-counter testing options that emphasize user-friendliness, future-proof design, and minimal reliance on serial testing. With this follow-on funding, Novel Microdevices is on monitor to attain its near-term commercialization targets throughout the timeframe established by this system.
This undertaking has been funded partially with Federal funds from the Nationwide Institute of Biomedical Imaging and Bioengineering (NIBIB), Nationwide Institutes of Well being, Division of Well being and Human Providers, underneath Contract No. 75N92023D00001.
FinSMEs
11/11/2024
