NEW YORK – Molecular diagnostic startup Kryptos Biotechnologies said this week that it has raised $10 million in a Series A financing round led by South Korean firm Osang Healthcare.
The funding will be used to help advance the clinical study of the firm's respiratory combination tests, which it expects to submit for US Food and Drug Administration approval by 2025, Hayward, California-based Kryptos said in a statement. The company's point-of-care molecular diagnostic platform Kuick is based on photothermal heating, which uses light to generate heat and precisely control temperature within its devices, and a technology called Ultrafast Photonic PCR.
The system returns results in about 20 minutes, combining solid-phase extraction with its multiplexed real-time Ultrafast Photonic PCR in a low-cost disposable cartridge, the company said.
"Point-of-care testing requires comprehensive requirements in accuracy, speed, cost, and usability, and we are confident that the unique advantages of the Kuick system will satisfy those aspects," Jun Ho Son, Kryptos' cofounder and chief technology officer, said in a statement.
In addition to the financing, Kryptos has also entered into a strategic partnership with Osang Healthcare for the manufacturing and distribution of its products.
Osang specializes in diagnostic biosensors and diagnostic assays and offers multiple point-of-care medical devices and rapid tests for infectious diseases.