Molecular Detection Inc., a company developing Detect-Ready assays designed to increase the speed and accuracy of infectious disease diagnosis, completed a $3.3m Series C financing.
According to an official statement, the funding included both existing and new investors and was more than 300% oversubscribed.
It was led by MentorTech Ventures II, LP and included new investors Ben Franklin Technology Partners, Robin Hood Ventures and the Mid-Atlantic Angel Group Fund I and II, LP (MAG).
Wayne, PA and Jerusalem, Israel-based Molecular Detection is preparing to launch its first product, the Detect-Ready assay for the rapid detection of methicillin-resistant Staphylococcus aureus (MRSA).
Commenting on the funding, Todd M. Wallach, who has been named chief executive officer, said: “This Series C financing represents a major milestone for MDI, confirming the promise of our innovative molecular diagnostic technologies and our soon-to-be-launched assay for MRSA screening.
“The Detect-Ready MRSA assay offers healthcare providers a high-performance diagnostic with an unmatched combination of accuracy, speed, flexibility and cost-effectiveness, addressing a market that is expected to exceed $1 billion in annual revenues in the next few years. We are gratified at the strong investor response to this financing, which provides the resources needed to launch our MRSA assay in Europe and the U.S. while also expanding our pipeline of molecular diagnostic tests”.