NEW YORK – SpeeDx announced today it has raised a total of $15 million from a US investment group. The Sydney, Australia-based molecular diagnostics developer said it had raised up to $10 million in additional equity investment from US-based Northpond Ventures, following an original investment of $5 million in April 2019.
The funds will help expedite the firm's international expansion and leverage strategic relationships with global partners, CEO Colin Denver said in a statement.
"We are working with key researchers and organizations around the globe with a shared goal of providing clinicians with the information and guidance they need to address the urgent issues related to antibiotic resistance and better management of infectious diseases," Denver also said.
Michael Rubin, founder and CEO of Northpond Ventures, noted that SpeeDx has developed significant strategic partnerships and the company's "recent successes demonstrate true global potential."
SpeeDx recently announced a partnership with GlaxoSmithKline to support antibiotic development work. It has also partnered with Cepheid on the FleXible cartridge program, allowing the SpeeDx ResistancePlus MG assay for Mycoplasma genitalium to run on the GeneXpert system.
Clinical studies in the US are nearing completion for ResistancePlus MG, SpeeDx said, with submission to the US Food and Drug Administration likely before the end of 2019.
The firm's CE-IVD marked ResistancePlus GC for the detection of gonorrhea and susceptibility to ciprofloxacin treatment has also been granted Breakthrough Device designation by the FDA and has begun the process for clearance in the US.