The Series B funding will support an FDA 510(k) study and manufacturing scale-up for the company’s plasmonic biosensing assay.
Nanopath, a point-of-care diagnostics company, closed a $25 million Series B financing round, which includes $2 million in non-dilutive grant financing.
Norwest and SV Health Investors’ MedTech Convergence Fund co-led the round, with strategic participation from the Labcorp Venture Fund. New and existing investors also took part, including Elderberry Ventures, GingerBread Capital, and Alumni Ventures.
As part of the financing, Catherine Kiani, JD, managing partner at Elderberry Ventures, and Mindy Nye, PhD, vice president of Labcorp Diagnostics, joined the Nanopath board as observers.
“Nanopath is developing truly transformative technology with the potential to reshape the molecular diagnostics industry,” says Jeff Crowe, senior managing partner at Norwest, in a release.
Funding Targets Launch Milestones
The company will use the funding to support milestones toward the potential commercial launch of its 15-minute point-of-care vaginitis assay, including manufacturing scale-up and initiation of its FDA 510(k) clinical study. Nanopath also plans to expand its team across clinical and commercial functions as it prepares for launch.
The study is also intended to support potential expansion of the company’s pipeline into urinary tract infections and sexually transmitted infections.
“This funding brings us closer to the next and most important step,” says Alison Burklund, PhD, co-founder and co-CEO of Nanopath, in a release. She described that step as translating the company’s innovation into clinical impact.
Amogha Tadimety, PhD, co-founder and co-CEO, says in a release that the company is “excited to build on this momentum as we enter our next phase of growth.”
Plasmonic Biosensing Without Amplification
Nanopath says it has developed the first clinical diagnostics platform built on plasmonic biosensing. The company’s proprietary optical biosensing technology is designed to enable molecular detection without nucleic acid amplification, a step required by PCR-based tests.
By delivering accurate results during a single visit, Nanopath aims to establish a new standard of care for women’s health and expand access to diagnostics for women across the US. Over time, the company expects the platform to expand to other clinical indications.
The vaginitis test is under development and has not been cleared or approved by the FDA. Commercial availability is subject to successful completion of development activities and applicable regulatory review.
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