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Molecular Detection Raises $3.3M in Private Financing

NEW YORK (GenomeWeb News) – Molecular Detection today said that it has raised $3.3 million through a Series C financing, which it will use to support the launch of its rapid, molecular Staphylococcus aureus test.

In addition to the financing, Molecular Detection said that it has named Todd Wallach to serve as CEO of the firm. Wallach previously was CFO of Aton Pharma and was a VP of finance at Acquity Pharmaceuticals, before that firm was acquired by Opko Health.

The Wayne, Pa.-based firm has developed the Detect-Ready MRSA assay, which is a DNA-probe screening test for detecting the infection. It intends to launch the MRSA assay in Europe soon with a US launch planned for next year.

Molecular Detection said that its Series C financing was more than 300 percent oversubscribed. The round was led by MentorTech Ventures and included new investors Ben Franklin Technology Partners of Southeastern Pennsylvania, Robin Hood Ventures, and the Mid-Atlantic Angel Group Fund I and II.

"Both the near-term promise of MDI's MRSA assay and the broader potential of its molecular diagnostics technology contributed to our decision to lead this Series C financing," said Boris Kalandar, managing director of MentorTech Ventures and a board member of Molecular Detection. "The fact that the financing was significantly oversubscribed in a challenging market attests to investors' enthusiasm for MDI's approach."

Molecular Detection also said that Peter Linder, chairman of the executive committee of Mid-Atlantic Angel Group, will join its board of directors.

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