NEW YORK (GenomeWeb News) – NanoDetection Technology and CincyTech today announced that NDT has completed a Series A financing round raising $2.3 million.
The round was oversubscribed as NDT had targeted $2 million.
In total, 21 investors participated in the round. CincyTech led the round with an investment of $400,000 and brought in half a dozen investors into the deal, it and NDT said. Southern Ohio Creates Companies invested $100,000.
Proceeds from the Series A round are expected to fund its clinical trials and plans to get clearance from the US Food and Drug Administration for a test for Staphylococcus aureus. The test is expected to become available in late 2013.
NDT has developed a rapid and cost-effective point-of-care IVD test platform for the detection of pathogens including MRSA, E. coli, salmonella, and listeria, as well as for DNA and other biomarker-based tests, it and CincyTech said.
NDT had been based in Knoxville, Tenn., but moved to Cincinnati last fall. Joel Ivers became its CEO in July 2010.