Molecular Detection Completes $1.9m Series B Financing
Molecular Detection Inc. (MDI), a Wayne, PA-based company developing Detect-Ready® tests designed to increase the speed and accuracy of infectious disease diagnosis, has completed a $1.9m Series B recapitalization financing.
All existing investors, including MentorTech Ventures, Robin Hood Ventures, Elm Spring Holdings and the Mid-Atlantic Angel Group participated. The financing is in addition to a$1.5m funding round announced by MDI earlier this year.
The capital will be used primarily to further advance MDI’s Detect-Ready MRSA Panel and to develop MDI’s new molecular diagnostic panels for the detection of sepsis and gastrointestinal (GI) infections in hospitalized patients.
The Detect-Ready MRSA Panel is CE-marked for the detection of MRSA (methicillin-resistant Staphylococcus aureus) and MSSA (methicillin-sensitive S. aureus) pathogens. It is currently available in the UK, Germany, Ireland, Switzerland, Spain, Austria, theNetherlands, Belgium, Luxembourg, Australia and Israel, and is in late-stage development in the US. The company, which is led by Todd Wallach, CEO and chairman, also has offices in Tunbridge Wells, UK and Jerusalem, Israel.