NOWDiagnostics, a developer of over-the-counter and point-of-care diagnostic tests, announced it has raised $22.5 million in Series B financing. Led by DigitalDx Ventures, with notable investors including the Labcorp Venture Fund and Kompass Kapital Management, this oversubscribed funding round.
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The Funding will be used to drive the commercialization of at-home diagnostic tests, continue developing new diagnostic innovations, expand the pipeline of tests, and support strategic hiring initiatives.
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NOWDiagnostics was founded to provide accurate, accessible, and affordable diagnostic testing for at-home use. The company’s First To Know® Syphilis OTC test is undergoing De Novo review by the U.S. Food and Drug Administration. First To Know® has the potential to be the first and only rapid syphilis test in the U.S. that provides an at-home result in minutes. In addition to syphilis, NOWDx has over 30 diagnostic tests in the clinical research pipeline that have the potential to provide accurate results in minutes.
“We are thrilled to have the strong support of our investor group, which spans both new and returning participants,” said Rob Weigle, CEO of NOWDx. “This oversubscribed round is a testament to our technology platform and mission. Testing is one of the most crucial tools in preventing the spread of infection and ensuring the well-being of public health. We are committed to making accurate, easy-to-use, and affordable at-home tests available to all.”
“This investment in NOWDx underscores our confidence in their visionary leadership and commitment to providing diagnostic innovations that could save lives,” said Seth Auld, Vice President of Portfolio Management & Investment Originations at Kompass Kapital Management. “The importance of at-home testing cannot be overstated, as it enhances access to essential personal health information quickly to make more informed decisions for one’s health. We look forward to witnessing the impact of their pioneering technology on health outcomes and the subsequent impact this technology will enable.”
About NOWDiagnostics (NOWDx)
Founded in 2014, NOWDiagnostics develops and manufactures “Touch to Test” over-the-counter and point of care diagnostic tests that yield results in minutes. Its patented approach allows for virtually any immunological assay to be accurately performed onsite in one step using a tiny amount of capillary blood or in some cases, saliva.
