LeukoDx Secures Investment Commitments of up to $8 Million, Closes on the First Tranche of $1.6 Million
4/18/2012 8:54:18 AM
TOWSON, MD and JERUSALEM, IL--(Marketwire -04/18/12)- LeukoDx Inc. is pleased to announce it entered into agreements for investments totaling up to $8 million dollars over the next three years. This level of funding should enable the company to take the development of its Point of Care flow cytometry platform to registration.
The initial $1.6 million tranche of funding was closed with a U.S.-based private equity group and the support of a European life science investor, in addition to historical investors. The remainder of the investment is subject to validation of agreed upon milestones which are planned to be reached over the next two years.
Julien Meissonnier, President and CEO of LeukoDx, stated: "We are pleased to have secured access to significant financing, so that our team can now focus its efforts on developing the platform along with its initial tests. Our diagnostics platform is aiming at delivering flow cytometry IVD testing results in 10 minutes from a single drop of blood on an automated disposable cartridge and has the potential to dramatically increase the use of cell based in-vitro diagnostics."
Among the potential Assays to be included as part of a clinical menu to measure white blood cell activity is CD64 neutrophil activation. This Assay is being developed under exclusive license (for Point of Care) from Trillium Diagnostics, and is considered to be a superior Diagnostic tool for the detection and monitoring of infections and sepsis. This device, with its easy to use disposable CD64 testing cartridge, will allow for rapid clinical decision making in a variety of patient settings including neonatal and intensive care units, emergency departments as well as in remote locations lacking access to diagnostic medical laboratories. The company is seeking collaboration and partnership with biotechnology and in vitro diagnostic companies to broaden the range of test candidates to be implemented on its platform.
LeukoDx Inc. was created in 2009. Its technology development is based on a novel flow cytometry platform initially developed for NASA at CalTech. LeukoDx's mission is to deliver cost-effective, highly sensitive and actionable diagnostic information at the point of care with its novel automated IVD flow cytometry platform. Working towards this goal, the company is developing a compact reader for single use test-specific cartridges. The first test application is for sepsis, associated with high morbidity and mortality and a large burden upon healthcare resources worldwide where no rapid and reliable diagnostic test exist today.
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