ProciseDx intends to use the capital for the ongoing development and commercialization of its point-of-care (POC) diagnostic platform.
FREMONT, CA: ProciseDx, a San Diego, California-based Rapid Diagnostic Tests (TDRs) company, closed $10.5m in Series A funding.
The round, which included $8.5m of equity and $2m of debt, was led by Biosynex, S.A., a French diagnostics company, which will now own 37 percent and is expected to join the board. Nestlé Health Science, which previously owned 100 percent of ProciseDx, remains an active supporter and significant minority shareholder.
The company plans to use the capital for the ongoing development and commercialization of its point-of-care (POC) diagnostic platform.
Led by Larry Mimms, CEO and Chief Scientific Officer, ProciseDx is a diagnostics company dedicated to the development and commercialization of a broad portfolio of point-of-care diagnostic tests for use in retail clinics, physician offices, and urgent care. The POC tests use finger prick blood or stool samples. ProciseDx's first menu is focused on GI physicians and offers inflammatory and drug monitoring tests. The company currently has 25 employees, 30,000 sq. ft. of laboratory, manufacturing, and office space and is ISO13485 certified.
"We are delighted with this significant investment from our European partner, Biosynex. This is an important synergistic and strategic transaction that will help us generate immediate revenues, scale up instrument production, launch our products internationally and fund our US clinical trials," commented Larry Mimms CEO and Chief Scientific Officer of ProciseDx.
Larry Abensur, CEO, Biosynex, said, "We are pleased to make this investment in ProciseDx which adds capability of quantitative rapid instrument based immunoassays to our strong portfolio of lateral flow tests marketed in France and Europe. Our partnership with ProciseDx will also accelerate our commercial development in the US for some of our key products, thanks to the tremendous experience of the ProciseDx team and their track record of FDA approvals.
In addition to the investment and European distribution relationship, ProciseDx is expected to serve as the US FDA agent and US distributor for the Biosynex COVID-19 BSS Antibody test for which an Emergency use Authorization (EUA) file has been submitted.