Saturday, July 20, 2024

NOWDiagnostics Secures $22.5 Million in Series B Funding

NOWDiagnostics, Inc, a developer of over-the-counter (OTC) and point-of-care (POC) diagnostic tests, announced it has raised $22.5 million in Series B financing. Led by DigitalDx Ventures, with notable investors including the Labcorp Venture Fund and Kompass Kapital Management, this oversubscribed funding round will be used to drive the commercialization of at-home diagnostic tests, continue developing new diagnostic innovations, expand the pipeline of tests, and support strategic hiring initiatives.

NOWDx was founded to provide accurate, accessible, and affordable diagnostic testing for at-home use. The company’s First To Know® Syphilis OTC test is undergoing De Novo review by the U.S. Food and Drug Administration (FDA). First To Know® has the potential to be the first and only rapid syphilis test in the U.S. that provides an at-home result in minutes. In addition to syphilis, NOWDx has over 30 diagnostic tests in the clinical research pipeline that have the potential to provide accurate results in minutes.

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“We are thrilled to have the strong support of our investor group, which spans both new and returning participants,” said Rob Weigle, CEO of NOWDx. “This oversubscribed round is a testament to our technology platform and mission. Testing is one of the most crucial tools in preventing the spread of infection and ensuring the well-being of public health. We are committed to making accurate, easy-to-use, and affordable at-home tests available to all.”

The patented technology platform that powers NOWDx’s products represents a significant advancement in rapid diagnostics. With over 75 patents issued and pending, the company’s innovative approach allows virtually any immunological assay to be accurately performed in one step using a small amount of capillary blood, yielding results in minutes. Their platforms also include saliva and plasma test technologies, enabling next-generation rapid testing at home without needing a blood draw or throat swab. These innovations enhance accessibility and ensure that individuals can quickly and confidently take the necessary steps for their health and well-being in the privacy of their homes.

“This investment in NOWDx underscores our confidence in their visionary leadership and commitment to providing diagnostic innovations that could save lives,” said Seth Auld, Vice President of Portfolio Management & Investment Originations at Kompass Kapital Management. “The importance of at-home testing cannot be overstated, as it enhances access to essential personal health information quickly to make more informed decisions for one’s health. We look forward to witnessing the impact of their pioneering technology on health outcomes and the subsequent impact this technology will enable.”

SOURCE: Businesswire

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