BioDirection, Inc. d/b/a NanoDiagnostics, Inc., a Boston, MA-based medical device company, closed an $18m Series C financing.
The round was led by the Alternative Investment division of Shepherd Kaplan Krochuk, LLC (SKK), a diversified Wealth and Asset Management firm located in Boston, Massachusetts.
Led by Sharad Joshi, President & CEO, NanoDiagnostics is developing point-of-care in-vitro diagnostic products for the objective detection, diagnosis and management of Traumatic Brain Injury (TBI), virus detection and inflammatory disease.
These funds will drive final product validation, scale-up of the NanoDx System manufacturing, and initial product introductions into the US and European markets this year. NanoDx is commercializing a versatile nanotechnology platform offering the ability to identify and quantify blood biomarkers (analytes) from a drop of blood in less than two minutes at the point of care, point of injury or remote testing site.
The company received a Breakthrough Device designation from the FDA in January 2019 for its first application as a screen to a CT scan for patients suspected of having mild traumatic brain injury.
NanoDx anticipates entering the European market this Summer, 2020; and subject to FDA clearance, the company plans to launch its products in the U.S. market later this year. It is also developing, on the same nanotechnology platform, a rapid test to identify active SARS CoV-2 Antigen from a drop of blood or saliva.