VENOMAID EXTENDS ITS SEED ROUND TO A TOTAL OF $ 1.8 M FOR AFFORDABLE AND RAPID SNAKEBITE DIAGNOSTICS

USA - English

• USA - English

COPENHAGEN, Denmark, Jan. 30, 2024 /PRNewswire/ -- VenomAid Diagnostics (Abbr.: VenomAid), the Danish company developing snakebite diagnostics, announced today that it has successfully extended its seed round to $1.8 million with continued support from a select group of private Business Angels and the philanthropic venture fund Good Ventures LLC. The announcement comes on the annual World NTD day, which serves as a catalyst to translate awareness into action and secure increased resources for neglected tropical diseases (NTDs).

Founded in 2018 with a mission of reducing the global burden of snakebite, VenomAid has developed an affordable, easy-to-use, in vitro diagnostic test for management of snakebite. The simple, portable device uses a small amount of blood from the patient to quickly identify the type of venom in the patient's bloodstream. This enables healthcare workers to quickly and accurately diagnose the type of snakebite and administer the appropriate treatment, increasing the chances of survival and reducing the risk of permanent disability.

Snakebite envenoming is a neglected tropical disease that kills >100,000 people and maims >400,000 people every year. According to the World Health Organisation, there are approximately 5.4 million snakebites each year, with up to 2.7 million resulting in severe envenoming. One of the main challenges in treating snakebites is the difficulty in identifying the type of snake that bit the victim. This is important because different types of snakes have different venom, and the appropriate treatment varies depending on the type of venom. Despite this global health burden, there are currently no widely available rapid diagnostic tests for snakebite envenoming. VenomAid aims to fill this critical need by providing affordable and rapid diagnostic tests that empowers more clinical personnel to correctly diagnose snakebites.

VenomAid's lead asset, the Bothrops kit, has shown ability to detect snake venoms from the Bothrops genus in clinically relevant concentrations, despite the challenge of venom variations. The test can be used even in resource-limited settings, enabling a larger fraction of the healthcare system to offer management of snakebites and thereby stock the life-saving treatment. Currently, snakes from the Bothrops genus account for 70-80% of snakebites in South America, resulting in death and disabilities among those inflicted, leading to even larger socio-economic consequences.

‍Jonas Arnold Jürgensen, CEO of VenomAid said: "We are thrilled to announce the continued support from our group of investors on World NTD Day. This funding will allow us to execute our vision of bringing affordable diagnostics to snakebite victims around the world. More specifically, we are now gearing up for clinical pilots in Brazil and plan to initiate manufacturing of our rapid tests, bringing us closer to market. We believe that VenomAid's technology has the potential to transform snakebite management by reducing time from bite to treatment, and thus save lives, prevent disabilities, and drive economic growth in some of the world's poorest and most marginalised communities."

For more information and/or media enquires please contact:

VenomAid Diagnostics ApS
‍Jonas Arnold Jürgensen, CEO & Co-founder
+45 3048 2747
[email protected] 

About VenomAid Diagnostics (www.venomaid.com)

VenomAid Diagnostics is a Nordic medtech startup innovating toxin-diagnostics, mainly within animal envenomations. VenomAid has recently established state-of-the-art facilities in Denmark and built know-how within Lateral Flow Assay development targeting toxins. VenomAid's current flagship project is the Bothrops kit – a diagnostic device for the Brazilian and Latin American market that can detect envenomings from Lancehead snakes and thereby guide selection of antivenom.

About Good Ventures LLC (https://www.goodventures.org/)

Good Ventures LLC invests in for-profits related to human health and well-being, and donates its net earnings to the Good Ventures Foundation. 

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SOURCE VenomAid Diagnostics A/S