Funds to support expanding global menu and further U.S. clinical trial activities
SpeeDx Pty Ltd, the developer of innovative clinical diagnostics to support improved patient outcomes, today announced it has raised $15 million in additional series B equity investment from U.S.-based Northpond Ventures. This investment comes with a company value uptick of 21.22%.
“SpeeDx‘s molecular diagnostic solutions are having a profound global impact in the areas of STIs, antibiotic resistance markers, and respiratory diseases,” said Michael P. Rubin, M.D., Ph.D., Founder and CEO of Northpond Ventures. “We’ve already seen how their diagnostic solutions for infectious diseases can translate to improved patient management, and Northpond Ventures is thrilled to continue this partnership as SpeeDx grows their global footprint.”
In the U.S., SpeeDx is finalizing clinical trials for their flagship product ResistancePlus MG, detecting the STI Mycoplasma genitalium (Mgen) and genetic markers linked to antibiotic resistance of the common macrolide frontline treatment. Resistance rates in Mgen infection are steadily rising around the world, leading to difficult-to-treat infections.[1-3] Recommendations for resistance testing to better inform treatment decisions can be found in Mgen management guidelines around the world.[4-9] A recent partnership with Cepheid also saw the development of ResistancePlus MG on the GeneXpert® platform (available in Australia, New Zealand, and parts of Europe), as part of their FleXible cartridge program, this product was launched late 2019 and is providing clinicians with timely information to assist management of Mgen infections and adhere to management guidelines.
SpeeDx CFO Bhavin Raval said, “As we rapidly expand and enter into more collaborative partnerships, these additional funds will support the necessary structural and process investments to ensure strong pipeline and service growth throughout this year and beyond.”
Pre-clinical testing is wrapping up in preparation for commencing U.S.-based clinical trials for ResistancePlus® GC—a test to determine susceptibility of gonorrhoea infections to ciprofloxacin treatment. This test has been granted Breakthrough Device designation by the FDA which will fast track the registration process. This will provide doctors and patients the option of using ciprofloxacin instead of ceftriaxone, one of the last remaining antibiotics available for multi-drug resistant gonorrhoea infections.