SpeeDx Pty. Ltd., a Sydney, Australia-based developer of new molecular diagnostic solutions, raised up to US $10m in additional equity funding.
Northpond Ventures made the investment, which follows an original deal of US$5m in April 2019.
The company intends to use the funds to expedite international expansion and leverage relationships with global partners.
Led by CEO Colin Denver, SpeeDx is advancing a diagnostic test portfolio that provides both identification as well as therapeutic guidance capabilities.
The company recently announced a partnership with GlaxoSmithKline to support antibiotic development work and a partnership with Cepheid on the FleXible cartridge program, allowing a SpeeDx test (ResistancePlus® MG) to run on the GeneXpert platform.
ResistancePlus MG supports Resistance Guided Therapy for the sexually transmitted infection Mycoplasma genitalium (Mgen), an approach recommended in management guidelines in response to rising rates of macrolide resistance observed with traditional Mgen treatment.
With a global installed base over 22,000 GeneXpert Systems, this partnership with Cepheid could see Resistance Guided Therapy applied in multiple settings where actionable treatment information is needed quickly.
SpeeDx is now looking to accelerate growth, with commercial scale-up to support further penetration into global markets.
Clinical studies in the U.S. are nearing completion for ResistancePlus MG with submission to FDA likely before the end of 2019.
ResistancePlus® GC, for the detection of gonorrhea and susceptibility to ciprofloxacin treatment, has also been granted Breakthrough Device designation by the FDA and has begun the process for clearance in the U.S.
Results from this test can be used to guide treatment decisions for gonorrhea infections, giving doctors and patients the option of using ciprofloxacin instead of ceftriaxone, one of the last remaining antibiotics available for multi-drug resistant infections.
The company also has offices in Austin and London, and distributors across Europe.