News ItemnanoMR Announces $13 Million Series B Financing
February 5, 2012 –
Proceeds to support commercialization of Pathogen Capture System for rapid identification of bloodstream infections.
nanoMR, Inc., today announced that the company has raised $13 million in equity financing. Excel Venture Management led the round, joined by Healthcare Ventures, and existing investors vSpring Capital, The Dow Chemical Company, and Sun Mountain Capital. Dr. Steven Gullans of Excel and Gus Lawlor of Healthcare Ventures will join the board. The financing will enable nanoMR to develop commercial instruments for the clinical microbiology market, perform clinical studies and prepare for product launch.
“We are extremely excited to partner with Excel and Healthcare Ventures to advance our development of diagnostic products for the clinical microbiology market,” said Victor Esch, nanoMR’s CEO. “Our new investors have great expertise in helping to transform new technology advances into leading edge health care companies.”
The inability to isolate pathogens directly from blood has been for many years the key issue hindering early, appropriate treatment of bloodstream infections – to prevent sepsis – and nanoMR has solved this problem. The company’s immunomagnetic technology rapidly isolates pathogens directly from blood in under 30 minutes, enabling identification of infectious organisms using existing molecular diagnostic devices in under two hours. The current time-frame, based on blood culture, takes at least 48 hours. Delay in detection and treatment of bloodstream infections causes more than 250,000 deaths each year in the USA and costs the average hospital over $7.7 million annually.
About nanoMR Inc.
nanoMR is an early stage life sciences company developing novel diagnostic systems for rapid and sensitive identification of pathogens in whole blood and other samples. nanoMR’s system couples immunochemistry with analytical methods such as PCR or DNA hybridization to identify bacterial and fungal infections at clinically-relevant levels.