Mobidiag Ltd., an Espoo, Finland-based revenue generating, molecular diagnostics company with complementary platforms that address antimicrobial resistance and other areas of unmet diagnostic need, received a EUR 1.5 million (~$1.65m) additional funding.
The company intends to use the funds for the continued development of a rapid diagnostic test for sepsis using its Novodiag platform.
Business Finland (formerly Tekes) provided the grant as a result of strong progress in the development of the assay and the completion of key milestones by Mobidiag since the award of the first grant in May 2018. The new funding brings the total loan to EUR 3 million (~$3.3 million).
Led by Tuomas Tenkanen, CEO, Mobidiag leverages its Novodiag platform to develop a syndromic assay to detect sepsis within two hours, directly from a patient’s blood sample. The company has previous experience in developing a diagnostic test for sepsis, its former Prove-it product which was able to detect 80 targets simultaneously from blood cultures.
The company has more than 100 staff and is headquartered in Espoo, Finland, with subsidiaries in France, UK and Sweden.