HAIFA, Israel, Sept. 20, 2018 /PRNewswire/ -- MeMed today announced the completion of a new round of financing totaling over $70 million, with participation from new and existing investors including Ping An Global Voyager Fund, Foxconn, Caesarea Medical Holdings, Clal Insurance, Phoenix Insurance, OurCrowd, Social Capital, WTI, Horizons Ventures, and high-net-worth executives renowned for early investments in industry-changing companies.
MeMed will use the proceeds to advance in three areas: (i) Market adoption of MeMed BV™, a breakthrough immune-system based test for distinguishing between bacterial and viral infections, while continuing to generate an unprecedented level of clinical evidence validating test performance; (ii) Complete development, upscale manufacturing and clearance of MeMed Key™, a pioneering point-of-care (POC) protein measurement platform; and (iii) Expand its pipeline of innovative tests that integrate machine learning and immune-based measurements to tackle big clinical challenges.
Dr. Eran Eden, MeMed's co-founder and CEO said, "The overwhelming enthusiasm to participate in the latest round reflects the vast clinical challenge and huge market opportunity our technology addresses. For nearly a decade, with leading academic and commercial partners, we've developed MeMed BV™, and then generated high quality double-blind clinical evidence to validate it. When measured on MeMed Key™ and on other platforms, MeMed BV™ has the potential to serve as a valuable tool in the fight against resistant bacteria - one of the biggest healthcare challenges of our time. The additional funds, and the significant support we are receiving from the U.S. government and EU commission, solidify MeMed as a global leader in the space of host-based diagnostics of infectious and inflammatory disorders."
"These resources will expedite the final development phases, clearance and manufacturing of the pioneering MeMed Key™ platform, which will run the MeMed BV™ test in minutes," said Dr. Kfir Oved, MeMed's co-founder and CTO. "Importantly, the MeMed Key™ platform opens the way to central lab precision at the point-of-care. It will allow measurement of multiple other proteins and signatures, both conventional and new, that currently are only measurable in the central lab. This unlocks enormous value in diagnosing and managing patients across a wide range of other diseases."
Dr. Marco Huesch, Chief Medical Officer, Ping An Voyager Fund, and former Assoc Prof. and Chief, Division of Radiology Innovation and Value Enhancement at Penn State Medical Center, said, "This exciting innovation will greatly enhance diagnostic and therapeutic confidence among physicians and their patients when faced with distinguishing bacterial from viral infections. Beyond profoundly benefiting individual patients, this groundbreaking technology will address antibiotic overuse within the broader population and contribute to reducing the growing burden of antibiotic resistance."
Our mission is to translate the complex signals of our immune system into simple diagnostic insights that transform the way we treat infectious and inflammatory diseases - at the right place and the right time. Over nearly a decade, with collaborators around the globe, MeMed has developed and validated a pioneering immune-based protein signature called MeMed BV™ for distinguishing between bacterial and viral infections - an indispensable tool in the fight against resistant strains of bacteria - one of the biggest healthcare challenges of our time. An ELISA format of MeMed BV™, called ImmunoXpert™, is cleared for use in the EU (CE-IVD), Switzerland and Israel and is currently in pilot distribution in these territories. MeMed is also developing MeMed Key™, a groundbreaking platform that opens the way to measuring multiple proteins and signatures, conventional and innovative, with central lab precision at the point-of-care. MeMed Key™ will measure MeMed BV™ within minutes. Today, we are expanding our network of partnerships with internationally renowned academic, commercial and government stakeholders to advance, validate and facilitate global availability of our platform and tests. For additional information, please visit http://www.me-med.com/.
Tanya Gottlieb, VP Scientific Affairs, MeMed
Kfir Emmer, Director of Finance, MeMed
Kirsten Thomas, The Ruth Group