Molecular Detection Inc., a Wayne PA-based company developing Detect-Ready tests (http://www.detect-ready.com) designed to increase the speed and accuracy of infectious disease diagnosis, has completed a $1.5m financing.
Backers include all existing investors including MentorTech Ventures, Robin Hood Ventures, Elm Spring Holdings and the Mid-Atlantic Angel Group.
The company is using the capital to advance its new molecular diagnostic panels for the detection of sepsis and gastrointestinal (GI) diseases.
Led by CEO and chairman Todd Wallach, MDI also has offices in Tunbridge Wells, UK and Jerusalem, Israel.
Its first product, a ready-to-use, rapid detection panel for hospital-based MRSA screening, is currently commercially available in the EU, Australia and the Middle East.
The company also announced allowance of a new European patent for its stabilization technology, which enables Detect-Ready kits to be shipped and stored at room temperature while preserving the integrity of their reagents.