NEW YORK – European diagnostic firm InfanDx announced on Tuesday that it has raised €4 million ($4.7 million) in a Series A financing round.
New investor Alluti – Smart Invest joined existing investors, including entrepreneur Jochen Tschunke and LSI Pre-Seed Fonds of Life Science Inkubator Bonn, in the round.
The money raised will be used for further development of the company's HypoxE Test for hypoxic ischemic encephalopathy within the first hours of a baby's birth, the firm said in a statement. Currently the test is in advanced clinical development with one completed cohort study and one nearing completion. The studies have allowed Cologne, Germany-based InfanDx to validate the biomarkers and its test, the firm said.
In the next year to 18 months, InfanDx plans to complete the final design and validation of its HypoxE biomarker panel and interpretative algorithm, develop prototype tests for laboratory and point-of-care settings, and develop a cloud-based test interpretation software for clinical decision support.
The firm is targeting a Series B financing round in the second half of 2022 to fund its product launches in Europe and potential approval from the US Food and Drug Administration, InfanDx CEO Achim Plum said in a statement.
Last year the firm received a grant for more than €1 million to jointly develop a companion diagnostic test with University Hospital Essen, Clinic for Pediatrics I, and Furtwangen University to determine whether newborns will benefit from neuroprotective hypothermia treatment.