SpeeDx Close Series A Fundraising with Support from U.S. Venture Firm
SYDNEY--(BUSINESS WIRE)--Apr 23, 2019--SpeeDx Pty. Ltd. announced further series A funding received by new investor partners, Northpond Ventures, LP – a U.S.-based, formative stage venture capital fund with a strong science and technology driven portfolio. The funds received form part of a larger agreement that includes the addition of Northpond Ventures founder and CEO, Michael P. Rubin, M.D., Ph.D., on the SpeeDx Board of Directors.
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SpeeDx close series A fundraising with support from Northpond Ventures - a U.S.-based, formative stage venture capital fund with a strong science and technology driven portfolio.
“SpeeDx is uniquely positioned in the sexual health diagnostics space, with technology and tests that can inform treatment decisions,” said Dr. Rubin. “We are excited about the impact they are having now, in Europe and Australian markets, and we look forward to what we can achieve together with the current investors as we look to expand the offered test menu and prepare for the U.S. launch.”
The flagship test from SpeeDx, Resistance Plus ® MG - detecting the sexually transmitted infection (STI) Mycoplasma genitalium, also known as Mgen or MG, and genetic markers linked to macrolide antibiotic resistance – is currently in clinical trials in preparation for submission to the U.S. Federal Drug Administration (FDA) later this year. SpeeDx recently announced the same test will soon be available in Europe on the Cepheid GeneXpert® System as part of their FleXible Cartridge program. 1Resistance Plus MG is currently sold to central testing laboratories across Europe and throughout Australia and New Zealand and is considered the standard of care, in-line with guidelines worldwide, 2-4 supporting Resistance Guided Therapy for Mgen infected patients, where resistance to front-line azithromycin treatment averages 40%. 5,6
Additional tests in the SpeeDx portfolio include the recently CE-IVD and TGA registered Resistance Plus ® GC - for detection of gonorrhoea infection and markers linked to susceptibility to ciprofloxacin. Clinicians have enthusiastically welcomed the availability of this test, keen to move beyond detection-only tests and empiric treatment. British gonorrhoea guidelines are the first to move to a Resistance Guided Therapy model, calling for preferential treatment with ciprofloxacin if susceptibility status is known. 7 Using Resistance Plus GC for gonorrhoea diagnostics could support clinicians to treat up to 70% 8-11 of infections with ciprofloxacin, protecting our last effective antibiotic – ceftriaxone - from overuse and the rising threat of antibiotic resistant strains.
“SpeeDx is growing rapidly and our tests are having a real impact on the clinical management of STIs around the world,” said Colin Denver, SpeeDx CEO. “With this additional support from Northpond, we can ensure financial readiness for the work ahead; we’re very happy to have them on board.”
Founded in 2009, SpeeDx is an Australian-based private company with offices in London and the US, and distributors across Europe. SpeeDx specializes in molecular diagnostic solutions that go beyond simple detection to offer comprehensive information for improved patient management. Innovative real-time polymerase chain reaction (qPCR) technology has driven market-leading multiplex detection and priming strategies. Product portfolios focus on multiplex diagnostics for sexually transmitted infection (STI), antibiotic resistance markers, and respiratory disease. For more information on SpeeDx please see: https://plexpcr.com
About Northpond Ventures
Michael P. Rubin, M.D., Ph.D. is the founder and CEO of Northpond Ventures, a formative stage venture capital fund dedicated to science and technology. Dr. Rubin’s active directorships include Mitra Biotech, DiCE Molecules, Inflammatix, Teckro, Candel, and Sherlock Biosciences. For more information on Northpond Ventures please see: https://www.northpondventures.com/
1. SpeeDx and Cepheid announce test partnership 2019 found at: https://www.businesswire.com/news/home/20190415005919/en/SpeeDx-Cepheid-Announce-Test-Partnership
2. Jensen JS, Cusini M, Gomberg M, Moi H. 2016. 2016 European guideline on Mycoplasma genitalium infections. Journal of European Academy Dermatology & Venereology. PMID: 27505296.
5. Read T R H, Fairley C K, Murray G L, et al. Outcomes of resistance-guided sequential treatment of Mycoplasma genitalium infections: a prospective evaluation, Clinical Infectious Diseases, ciy477, https://doi.org/10.1093/cid/ciy477
6. Getman D, Jiang A, O'Donnell M, Cohen S.Mycoplasma genitalium prevalence, coinfection, and macrolide antibiotic resistance frequency in a multicenter clinical study cohort in the United States. Journal of Clinical Microbiology 2016 ; 54:2278-2283.
8. Harris SR et al. Lancet Infect Dis Published online May 15th 2018.
9. Lahra MM et al. Australian Gonococcal Surveillance Programme annual report, 2015.
10. Heffernan H et al. Antimicrobial resistance and molecular epidemiology of gonococci in NZ, 2014-5.
11. Kirkcaldy RD et al. MMWR Surveillance Summaries July 15, 2016 / 65(7);1–19.
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SOURCE: SpeeDx Pty. Ltd.
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PUB: 04/23/2019 08:00 AM/DISC: 04/23/2019 08:01 AM