NEW YORK (GenomeWeb News) – Startup molecular diagnostics firm PathoGene announced today it has raised $750,000 in its first round of financing.
The company had targeted $500,000, it added. It did not specify how the money will be used.
The firm, which was founded in August 2008 and is based in Flagstaff, Ariz., develops and validates molecular assays for the identification of infectious diseases. Its technology is licensed from Northern Arizona University and the Translational Genomics Research Institute.
In a statement, it said that its main focus is on drug-resistant pathogens "where treatment is currently difficult," such as methicillin-resistant Staphylococcus aureus, influenza including H1N1, and Valley fever.
On the company's website, it says that its molecular diagnostic assays for MRSA infection and the antibiotic resistance profile of the infection have been found to be as specific and sensitive as traditional culture methods. But its assays provide results "much more quickly," it said.
A main differentiator of its technology, the firm said, is "the ability to quickly uncover critical genetic information about resistance to antibiotics so as to better target treatment to drugs that are more likely to work."
PathoGene plans to out-license its assays to diagnostic firms to incorporate into their platforms.
Todd Snowden was named president and CEO of the company in February. He formerly held the same positions at Ascent Business Advisors.