NEW YORK (GenomeWeb News) – NanoMR, a company developing diagnostics for the identification of pathogens, today announced it has raised $13 million in a Series B financing round.
The money will be used to develop commercial instruments for the clinical microbiology market, conduct clinical studies, and prepare for a product launch, the Albuquerque, NM-based firm said.
Excel Venture Management led the round and was joined by Healthcare Ventures and existing investors vSpring Capital, Dow Chemical, and Sun Mountain Capital. Steve Gullans, a managing director at Excel, and Gus Lawlor, a managing director at Healthcare Ventures, will join NanoMR's board, the firm said.
The company has developed immunomagnetic technology that isolates pathogens directly from blood in less than 30 minutes, which in turns allows for the identification of infectious organisms by molecular diagnostic methods, such as PCR or DNA hybridization, in less than two hours. By comparison, blood-based culture methods, the current standard, takes at least 48 hours, the firm noted.
According to NanoMR, the delay in detection and treatment of bloodstream infections results in more than 250,000 deaths each year in the US and costs the average hospital more than $7.7 million each year.