AdvanDx Raises $12 Million to Accelerate the Expansion of the Company’s Molecular Diagnostic Product Offerings
WOBURN, Mass. and VEDBAEK, Denmark, April 8, 2014 /PRNewswire/ — AdvanDx, Inc. today announced it has closed a $12 million financing led by Merck Global Health Innovation Fund (Merck GHI) with participation from existing investors SLS Ventures AB and LD Pensions. The Series B-1 financing will be used to fund the expansion of AdvanDx’s molecular diagnostic product offerings, as well as its sales and marketing presence in the U.S. and internationally.
“We continue to see increased adoption of our rapid diagnostics for the identification of life-threating bloodstream infections,” says Dennis Langer, M.D., CEO of AdvanDx. “This latest round of financing will enable us to expand our product portfolio in order to help hospitals improve patient outcomes and reduce overall healthcare costs.”
This new funding round comes on the heels of AdvanDx’s FDA 510(k) submission for mecA XpressFISH(TM), a novel method for the rapid detection of Methicillin-Resistant Staphylococcus aureus (MRSA) from positive blood cultures. In addition, the company recently received CE Mark approval for its Candida QuickFISH, a rapid 20-minute test for the identification of yeast from positive blood cultures.
“We are pleased to invest in a company with a strong track record of innovation in rapid diagnostics for infectious disease,” says David Rubin, Ph.D. Managing Director at Merck GHI. “As the problem of antimicrobial resistance continues to grow worldwide, products that help hospitals implement antimicrobial stewardship programs are urgently needed.”
AdvanDx is a leading provider of rapid and accurate molecular diagnostic tests for the identification of pathogens that cause critical infections in hospitalized patients. Our mission is to improve antibiotic decision-making and patient outcomes while limiting unnecessary and inappropriate antibiotic use and reducing healthcare costs.
For more information, visit www.AdvanDx.com.