HAIFA, Israel, Nov. 13, 2019 /PRNewswire/ -- MeMed Ltd., a leader in host response-based diagnostic solutions, today announced that it has received €2.5 million in non-dilutive funding from the European Innovation Council (EIC). The EIC Accelerator (SME Instrument) award supports small and medium-sized companies with breakthrough innovations and the potential to create new markets or redefine existing ones globally. Among less than 5% of applicants selected for the prestigious award, MeMed will also receive accompanying services the EIC provides to winners to more quickly scale their businesses and bring disruptive technologies to market.
A previous recipient of the highly competitive SME award in 2015, and one of the few companies to ever win it twice, MeMed is translating the immune system's complex signals into simple diagnostic insights. The company's first-in-class, immune-based protein signature MeMed BV™ distinguishes between bacterial and viral infections, supporting physicians in their efforts to rapidly and accurately determine whether antibiotic treatment is appropriate. MeMed BV™ runs within minutes on MeMed Key™, a pioneering platform that measures multiple proteins with central lab precision.
"We're honored that the European Innovation Council continues to recognize and support MeMed," said Dr. Eran Eden, MeMed's CEO and Co-Founder. "Their enduring commitment to MeMed's mission and approach reflects the growing maturity of our pioneering technology suite, as well as its potential to broadly and meaningfully improve patient care."
MeMed will use the funding from the EIC to accelerate expansion of MeMed BV™'s applicability to include minimally invasive capillary blood samples. This will pave the way to broadening the test's suitability across increasingly diverse clinical settings. The EIC award will also be used to fast-track the generation of additional, real-world evidence to further validate MeMed BV™'s clinical utility. The supplementary real-world evidence will bolster the already available, unprecedented level of high-quality clinical data on MeMed BV™ from more than 15,000 patients and multinational, double-blind clinical studies, which have been published in leading peer-reviewed journals (including The Lancet Infectious Diseases, Pediatrics, PLOS One and BMJ Paediatrics).
"This award also recognizes the urgency of challenging the status quo in antibiotic prescribing and addressing the overuse of these important medicines, which leads to antimicrobial resistance, an increasingly serious threat to global public health that MeMed's disruptive technology suite is uniquely positioned to combat, " said Dr. Kfir Oved, MeMed's Chairman, CTO and Co-founder.
About EIC Accelerator
The EIC Accelerator (SME Instrument) is part of the European Innovation Council (EIC) pilot that supports top class innovators, entrepreneurs and small companies with funding opportunities and acceleration services. The main focus of the EIC Accelerator (SME Instrument) is on market-creating innovations that shape new markets and generate jobs, growth and higher standards of living.
MeMed is the developer of a cutting-edge immune system-based diagnostic that distinguishes between bacterial and viral infections at the point of care. Our mission is to translate the immune system's complex signals into simple diagnostic insights that can be used to transform the way infectious diseases and inflammatory disorders are diagnosed and treated, profoundly benefiting patients at both the individual and population levels. We developed and validated MeMed BV™, our pioneering immune-based protein signature, over the course of decade-long collaborations with leading academic and commercial partners, providing physicians with 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 European Union (CE-IVD), Switzerland and Israel and is currently in pilot distribution in these markets. MeMed also developed MeMed Key™, a groundbreaking platform that makes it possible to precisely measure multiple proteins and signatures, both existing and new, within minutes at the point of care. Today, we are expanding our network of partnerships with internationally renowned academic, commercial and government stakeholders to advance, validate and facilitate the global availability of our platform and tests. For additional information on MeMed, please visit http://www.me-med.com.
SOURCE MeMed Ltd