New investment will accelerate the development and expansion of rapid at-home diagnostic solutions, bolstering NOWDx’s position as a visionary in the industry
SPRINGDALE, Ark.--(BUSINESS WIRE)--Jul. 9, 2024--
NOWDiagnostics, Inc. (NOWDx), a developer of over-the-counter (OTC) and point-of-care (POC) diagnostic tests, today announced it has raised $22.5 million in Series B financing. Led by DigitalDx Ventures, with notable investors including the Labcorp Venture Fund and Kompass Kapital Management, this oversubscribed funding round will be used to drive the commercialization of at-home diagnostic tests, continue developing new diagnostic innovations, expand the pipeline of tests, and support strategic hiring initiatives.
NOWDx was founded to provide accurate, accessible, and affordable diagnostic testing for at-home use. The company’s First To Know® Syphilis OTC test is undergoing De Novo review by the U.S. Food and Drug Administration (FDA). First To Know® has the potential to be the first and only rapid syphilis test in the U.S. that provides an at-home result in minutes. In addition to syphilis, NOWDx has over 30 diagnostic tests in the clinical research pipeline that have the potential to provide accurate results in minutes.
"We are thrilled to have the strong support of our investor group, which spans both new and returning participants," said Rob Weigle, CEO of NOWDx. “This oversubscribed round is a testament to our technology platform and mission. Testing is one of the most crucial tools in preventing the spread of infection and ensuring the well-being of public health. We are committed to making accurate, easy-to-use, and affordable at-home tests available to all."
The patented technology platform that powers NOWDx’s products represents a significant advancement in rapid diagnostics. With over 75 patents issued and pending, the company’s innovative approach allows virtually any immunological assay to be accurately performed in one step using a small amount of capillary blood, yielding results in minutes. Their platforms also include saliva and plasma test technologies, enabling next-generation rapid testing at home without needing a blood draw or throat swab. These innovations enhance accessibility and ensure that individuals can quickly and confidently take the necessary steps for their health and well-being in the privacy of their homes.
"This investment in NOWDx underscores our confidence in their visionary leadership and commitment to providing diagnostic innovations that could save lives," said Seth Auld, Vice President of Portfolio Management & Investment Originations at Kompass Kapital Management. "The importance of at-home testing cannot be overstated, as it enhances access to essential personal health information quickly to make more informed decisions for one’s health. We look forward to witnessing the impact of their pioneering technology on health outcomes and the subsequent impact this technology will enable."
About NOWDiagnostics (NOWDx)
NOWDx develops and manufactures over-the-counter (OTC) and point-of-care (POC) diagnostic tests. Its patented approach enables virtually any immunological assay to be accurately performed onsite in one step using a small amount of capillary blood, yielding results in minutes. With over 75 patents issued and pending, NOWDx’s First To Know® and ADEXUSDx® product lines are available in markets worldwide. Founded in 2013, with headquarters and manufacturing in Springdale, Arkansas, NOWDx envisions a world where people have greater access to in-home testing with results in minutes. The company is committed to changing healthcare by providing accessible, affordable, and accurate testing for all. Please visit nowdx.com for more information.
About Labcorp
Labcorp (NYSE: LH) is a global leader of innovative and comprehensive laboratory services that helps doctors, hospitals, pharmaceutical companies, researchers and patients make clear and confident decisions. We provide insights and advance science to improve health and improve lives through our unparalleled diagnostics and drug development laboratory capabilities. The company's more than 67,000 employees serve clients in approximately 100 countries, provided support for 84% of the new drugs and therapeutic products approved in 2023 by the FDA, and performed more than 600 million tests for patients around the world. Learn more about us at www.Labcorp.com.
About DigitalDx Ventures
DigitalDx Ventures is a woman-owned Venture Capital fund in Silicon Valley supporting companies that diagnose illness earlier, less invasively, more accurately and less expensively enabled by artificial intelligence and data. The Fund is committed to producing a triple bottom line: superior financial returns, diversity and access to healthcare for all. There are currently 8 companies in the portfolio providing game changing diagnostics in Alzheimer's diagnosis, kidney health, breast cancer, mental health, maternal health, patient monitoring and multi cancer screening. For more information, visit https://www.digitaldxventures.com/
About Kompass Kapital Management
Kompass Kapital Management (KKM) is a diversified private equity group committed to creating long-term value by providing resources beyond capital. With a portfolio that spans multiple industries and geographies, KKM partners with entrepreneurs who share their values and vision. For more information, visit https://kompasskapital.com/
View source version on businesswire.com:
https://www.businesswire.com/news/home/20240709443372/en/
Media Contact:
Alexander Romero-Wilson
Health+Commerce (for NOWDx)
alexander@healthandcommerce.com
Source: NOWDiagnostics, Inc.
