Molecular Detection Inc., a Wayne PA-based company developing screening assays designed to increase the speed and accuracy of infectious disease diagnosis, held the first $1.4m close of a new financing.
The financing, which was led by MentorTech Ventures II, LP, with paticipation from all existing investors Robin Hood Ventures, Elm Spring Holdings and the Mid-Atlantic Angel Group Fund I and II, LP (MAG), is part of a follow-on to the company’s $3.3m Series C round announced in late 2009.
The new funds are intended to help accelerate commercialization of the company’s pipeline of novel infectious disease diagnostics.
MDI recently launched its first product, the Detect-Ready™ screening assay for the rapid detection of methicillin-resistant Staphylococcus aureus (MRSA), a problem that results in serious illness and death and also increases healthcare costs.
The Detect-Ready MRSA assay kit has received the CE mark certification for sales in the European Union and is currently available in Germany, the UK, Ireland, Switzerland and Austria. Additional launches are expected in the coming months.
The company also operates offices in Tunbridge Wells, UK and Jerusalem, Israel.