Novel Microdevices, Inc., a Baltimore, MD-based leader in medical diagnostic innovation, received an additional $2.68m in follow-on funding from the National Institutes of Health (NIH) Rapid Acceleration of Diagnostics (RADx®) Tech program.
The funding follows the completion of critical performance milestones for its high-performance, point-of-care RT-PCR platform, which rapidly detects RSV, Influenza A, Influenza B, and COVID-19 in just 15 minutes.
The company initially received $1.4m in Phase 1 funding in August 2023 to support the development of its next-generation diagnostic platform. Phase 1’s success highlights Novel Microdevices’ capability to advance point-of-care molecular diagnostics, offering laboratory-quality testing directly in clinical settings. With the follow-on award, the company is poised to accelerate commercialization efforts, aiming to bring advanced diagnostic solutions to market more quickly.
Led by Andrea Pais, CEO, Novel Microdevices is a clinical diagnostics company, whose flagship product, the Novel Dx device, provides a rapid, portable, and multiplexed solution for detecting infectious diseases at the point of care.
Launched in April 2020, the RADx Tech program aims to expedite innovation in COVID-19 diagnostics. In this latest funding phase, the program focuses on advancing high-performance point-of-care and over-the-counter testing solutions that emphasize user-friendliness, future-proof design, and minimal reliance on serial testing. With this follow-on funding, Novel Microdevices is on track to achieve its near-term commercialization goals within the timeframe established by the program.
This project has been funded in part with Federal funds from the National Institute of Biomedical Imaging and Bioengineering (NIBIB), National Institutes of Health, Department of Health and Human Services, under Contract No. 75N92023D00001.
FinSMEs
11/11/2024