SpeeDx Secures $10 Million in Equity Financing to Advance Multiplex qPCR Diagnostics for Infectious Diseases and Antimicrobial Resistance

On August 5, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that medical technology company SpeeDx announced the completion of an additional $10 million in equity financing. This round was solely led by Northpond Ventures, marking another infusion of capital following the $5 million provided by Northpond Ventures in April 2019. The proceeds from this financing will be used to expand SpeeDx’s commercial footprint in North America and global markets.

SpeeDx, founded in 2009 in Sydney, Australia, is a medical technology company specializing in the development of molecular diagnostic solutions. It has offices in Austin, United States, and London, United Kingdom, with distributors across Europe. SpeeDx focuses on molecular diagnostic solutions that provide not only simple disease detection but also comprehensive information to improve patient management.

SpeeDx’s proprietary innovative real-time polymerase chain reaction (qPCR) technology has driven the advancement of multiplex testing in the market. The company leverages real-time PCR technology for multiplex assays, assisting physicians in diagnosing infectious diseases and testing for antibiotic resistance. SpeeDx’s product portfolio focuses on multiplex diagnostics for sexually transmitted infections (STIs), antibiotic resistance markers, and respiratory diseases.

SpeeDx is currently seeking to accelerate growth and expand its commercial scale to support further expansion into global markets. The clinical study of ResistancePlus™ MG in the United States is nearing completion, with an FDA submission expected by the end of 2019.

SpeeDx’s ResistancePlus® GC, used for the detection of gonorrhea and susceptibility to ciprofloxacin treatment, has also been granted Breakthrough Device designation by the FDA.

This device has already begun testing in the United States, and the results of this test can be used to guide treatment decisions for gonorrhea infections, allowing doctors and patients to choose whether to use ciprofloxacin instead of ceftriaxone. Ciprofloxacin is one of the last antibiotics available for treating multidrug-resistant infections.

SpeeDx CEO Colin Denver stated, “The capital raised in this round will help accelerate our international expansion and establish strategic partnerships with global collaborators. We are working with leading researchers and organizations worldwide toward a common goal: providing clinicians with the information and guidance they need to address urgent issues related to antibiotic resistance and infectious diseases.”

“SpeeDx has established significant strategic partnerships, and their recent successes demonstrate their global potential,” said Dr. Michael Rubin, Founder and CEO of Northpond Ventures. “They are positioned to become a leading global technology company, benefiting millions of patients worldwide.”

Northpond Ventures, established in 2018 and headquartered in Bethesda, Maryland, is a venture capital firm. The firm is dedicated to building a more robust healthcare system, with its investments primarily focused on the life sciences and medical technology sectors.

(Compiled by Cheng Tao)