NOWDiagnostics Secures $22.5 Million in Series B Funding
NOWDiagnostics (NOWDx) has raised $22.5 million in Series B financing, led by DigitalDx Ventures, with participation from Labcorp Venture Fund and Kompass Kapital Management. This funding will accelerate the commercialization of at-home diagnostic tests, expand the test pipeline, and support strategic hiring. NOWDx's First To Know® Syphilis OTC test is currently under FDA De Novo review and may become the first rapid at-home syphilis test in the U.S. The company has over 30 diagnostic tests in development and holds more than 75 patents. The new investment underscores confidence in NOWDx's technology, which aims to provide accessible and affordable at-home testing for various conditions.
- $22.5 million raised in Series B financing, enabling further development and expansion.
- Funding led by notable investors like DigitalDx Ventures, Labcorp Venture Fund, and Kompass Kapital Management.
- Potential launch of the first rapid at-home syphilis test in the U.S., pending FDA De Novo review.
- Over 30 diagnostic tests in development, enhancing market potential.
- More than 75 patents issued and pending, reflecting strong intellectual property assets.
- None.
Insights
NOWDiagnostics' successful Series B funding raise of
However, investors should note that while the funding provides a robust financial runway, the company is still in the developmental phase for several of its products. The ongoing FDA De Novo review for their First To Know® Syphilis OTC test is a critical milestone. Regulatory approvals can be unpredictable and any delays could affect the company’s timeline and financial projections. In the short term, the funding news is encouraging, but investors should monitor the company's progress on regulatory fronts and product commercialization closely.
The development of over 30 rapid diagnostic tests by NOWDiagnostics underscores the company’s focus on broadening its product pipeline. The First To Know® Syphilis OTC test, currently under FDA review, has the potential to be a game-changer in at-home testing. Rapid diagnostic tests that provide quick, reliable results are essential in managing and preventing the spread of infectious diseases. If approved, it would mark a significant milestone for the company's technology and could set a precedent for future at-home diagnostics.
This funding will likely support further innovations in the diagnostic space, enhancing the accessibility of such tests. The company's proprietary technology, which simplifies the testing process using capillary blood, saliva, or plasma, is particularly noteworthy. However, while the technology's potential is substantial, its real-world effectiveness and user adoption rates will be key determinants of its success in the market.
The market for at-home diagnostic solutions has been growing, driven by increasing consumer demand for convenient and quick health monitoring tools. NOWDiagnostics’ focus on expanding its pipeline of tests positions it well within this burgeoning market. The ability to perform immunological assays with minimal sample requirements and rapid results differentiates NOWDx from traditional diagnostics, potentially offering a competitive edge.
However, market adoption will depend on several factors including consumer awareness, pricing strategy and distribution channels. Strategic hiring initiatives supported by the new funding could play a critical role in scaling operations and reaching new customer segments. In the long term, the success of NOWDx will hinge on its ability to maintain technological leadership while effectively navigating regulatory landscapes and competitive pressures.
New investment will accelerate the development and expansion of rapid at-home diagnostic solutions, bolstering NOWDx’s position as a visionary in the industry
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
"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."
About NOWDiagnostics (NOWDx)
NOWDx develops and manufactures over-the-counter (OTC) and point-of-care (POC) diagnostic tests. Its patented approach enables virtually any immunological assay to be accurately performed onsite in one step using a small amount of capillary blood, yielding results in minutes. With over 75 patents issued and pending, NOWDx’s First To Know® and ADEXUSDx® product lines are available in markets worldwide. Founded in 2013, with headquarters and manufacturing in
About Labcorp
Labcorp (NYSE: LH) is a global leader of innovative and comprehensive laboratory services that helps doctors, hospitals, pharmaceutical companies, researchers and patients make clear and confident decisions. We provide insights and advance science to improve health and improve lives through our unparalleled diagnostics and drug development laboratory capabilities. The company's more than 67,000 employees serve clients in approximately 100 countries, provided support for
About DigitalDx Ventures
DigitalDx Ventures is a woman-owned Venture Capital fund in Silicon Valley supporting companies that diagnose illness earlier, less invasively, more accurately and less expensively enabled by artificial intelligence and data. The Fund is committed to producing a triple bottom line: superior financial returns, diversity and access to healthcare for all. There are currently 8 companies in the portfolio providing game changing diagnostics in Alzheimer's diagnosis, kidney health, breast cancer, mental health, maternal health, patient monitoring and multi cancer screening. For more information, visit https://www.digitaldxventures.com/
About Kompass Kapital Management
Kompass Kapital Management (KKM) is a diversified private equity group committed to creating long-term value by providing resources beyond capital. With a portfolio that spans multiple industries and geographies, KKM partners with entrepreneurs who share their values and vision. For more information, visit https://kompasskapital.com/
View source version on businesswire.com: https://www.businesswire.com/news/home/20240709443372/en/
Media Contact:
Alexander Romero-Wilson
Health+Commerce (for NOWDx)
alexander@healthandcommerce.com
Source: NOWDiagnostics, Inc.
FAQ
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