NEW YORK – QuantuMDx said Monday that it has recently closed a $14 million financing round consisting of a mix of debt and ordinary equity.
The firm said it will use the funds, which were supported by existing shareholders, to support progress toward the commercial launch of its Q-POC high-risk HPV genotyping assay, planned for early 2021.
The Newcastle upon Tyne, UK-based company said that it has started the CE mark approval process of commissioned Q-POC devices and expects to certify them in the first half of this year.
"QuantuMDx’s Q-POC is the first true battery-operated, point-of-care molecular diagnostics device capable of performing both simple molecular tests and large syndromic and resistance mutation panels rapidly and at a price point appropriate for decentralized testing," Jonathan O’Halloran, cofounder and the new CEO of QuantuMDx, said in a statement.
The company is developing the device "to be robust for in-field testing and designed to manage dust, different ambient temperatures, humidity, and intermittent electricity," O'Halloran said.
In December, QuantuMDx and Santa Cruz, California-based Ontera announced that they are collaborating to develop technology for the detection of bloodstream infections and drug-resistance.
In November, QuantuMDx and SpeeDx announced a collaboration with the Foundation for Innovative New Diagnostics (FIND) to assess the feasibility of porting SpeeDx sexually transmitted infection tests to the QuantuMDx point-of-care testing device.