Adnavance Technologies Inc, San Diego and Vancouver, BC, a developer of new direct detection molecular diagnostic tests for medical applications, has completed a Series B financing totaling $3.7 million CAD.
The proceeds will fund continued development and expansion of the company’s proprietary metalized-DNA (M-DNA™) technology.
The patented molecular diagnostic technology could help to decentralize the worldwide molecular testing market by enabling hospitals and smaller independent labs to conduct their own testing, reducing health care costs and allowing patients to be evaluated and treated at the point of care. The technology detects DNA targets in human samples using a small, fully automated desktop device.
The technology may help eliminate the need for target amplification for a large number of molecular diagnostic tests. Labs that perform tests using target amplification technologies require expensive capital equipment, specialized infrastructure, highly trained personnel, and a high-complexity testing license. About 10% of all hospital labs and some 35% of independent labs nationwide perform molecular diagnostic testing.
The company expects the platform to be approved for use by hospitals and medium- and small-sized independent labs.
A molecular diagnostic kit is being developed to target MRSA (methicillin-resistant Staph aureus). Recent reports show 62% of hospital-acquired infections are due to MRSA.
In other news, veteran industry executive V. Randy White, PhD has been named the company’s chief executive officer. White has a 35-year background in medical diagnostics and laboratory operation, and has served as CEO for Nanogen and Xenomics.
