12 February 2020 - - Australia-based clinical diagnostics developer SpeeDx Pty Ltd has raised USD 15m in additional series B equity investment from US-based Northpond Ventures, the company said.

This investment comes with a company value uptick of 21.22%.

In the US, SpeeDx is finalizing clinical trials for their flagship product ResistancePlus MG, detecting the STI Mycoplasma genitalium (Mgen) and genetic markers linked to antibiotic resistance of the common macrolide frontline treatment.

Resistance rates in Mgen infection are steadily rising around the world, leading to difficult-to-treat infections.

Recommendations for resistance testing to better inform treatment decisions can be found in Mgen management guidelines around the world.

A recent partnership with Cepheid also saw the development of ResistancePlus MG on the GeneXpert platform (available in Australia, New Zealand, and parts of Europe), as part of their FleXible cartridge program, this product was launched late 2019 and is providing clinicians with timely information to assist management of Mgen infections and adhere to management guidelines.

Pre-clinical testing is wrapping up in preparation for commencing US-based clinical trials for ResistancePlus GC--a test to determine susceptibility of gonorrhoea infections to ciprofloxacin treatment.

This test has been granted Breakthrough Device designation by the FDA which will fast track the registration process. This will provide doctors and patients the option of using ciprofloxacin instead of ceftriaxone, one of the last remaining antibiotics available for multi-drug resistant gonorrhoea infections.

SpeeDx has developed a molecular diagnostics test portfolio, principally for infectious diseases, that provides both identification as well as therapeutic guidance capabilities.

The company is based in Australia, with offices in Austin and London, and distributors across Europe.

Northpond Ventures is a global science-driven innovation firm.

Since its founding, Northpond Ventures has risen to become among the most-active investors in the life sciences and molecular diagnostics industries and is very active in all disciplines related to healthcare and affiliated industries.

Its investments target the greatest scientists, innovators and entrepreneurs in life sciences, diagnostics, AI and machine learning, therapeutics, and affiliated sectors.

Northpond has in excess of USD 500m of committed capital, with over 20 businesses represented in its portfolio.