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MDx Startup NeuMoDx Raises $21M in Series B Round

NEW YORK (GenomeWeb News) – Molecular diagnostics firm NeuMoDx has raised $21 million in a Series B financing round to further develop its platform.

Pfizer Ventures led the round. Baird Capital, Venture Investors, and existing investors Arboretum Ventures and the Wolverine Venture Fund, which is managed by students at the University of Michigan, also participated.

The funds will go toward the development of the NeuMoDx 500 Molecular IVD System, a fully automated, random-access platform capable of performing RNA- and DNA-based assays. Additionally, the investment will enable Ann Arbor, Mich.-based NeuMoDx to pursue clinical trials and regulatory approvals for its first assays, it said.

Its technology integrates magnetic particle affinity capture and real-time polymerase chain reaction chemistry in a multisample microfluidic cartridge, the company said on its website. It added that the technology "will enable the NeuMoDx platform to provide market-leading throughput and speed, processing [about] 500 samples every eight hours and requiring less than one hour to generate the first results."

NeuMoDx started operations in 2012 with $5 million in Series A financing.

"We have made excellent progress over the past 24 months, and are now ready to accelerate development and validation of this exciting platform," NeuMoDx Founder and CEO Jeff Williams said in a statement. "The molecular diagnostic market continues to grow, and we see a great unmet opportunity for a system with improved workflow and a lower cost per test."