Australian clinical diagnostics company SpeeDx raises $15m in Series B round

SpeeDx, an Australian clinical diagnostics company, to support improved patient outcomes, has secured $15 million in a Series B funding round from US-based investor Northpond Ventures.

The company has developed a molecular diagnostics test portfolio, mainly for infectious diseases, that offers identification and also therapeutic guidance capabilities.

Michael P. Rubin – Founder and CEO of Northpond Ventures said: “SpeeDx’s molecular diagnostic solutions are having a profound global impact in the areas of STIs, antibiotic resistance markers, and respiratory diseases.

“We’ve already seen how their diagnostic solutions for infectious diseases can translate to improved patient management, and Northpond Ventures is thrilled to continue this partnership as SpeeDx grows their global footprint.”

The proceeds from the funding round are expected to support SpeeDx’s global menu and advance its clinical trial activities in the US.

SpeeDx is finalizing clinical trials of its flagship product ResistancePlus MG in the US, which has been designed to detect the STI Mycoplasma genitalium (Mgen) and genetic markers associated with antibiotic resistance of the common macrolide frontline treatment.

The Australian clinical diagnostics company had recently forged a partnership with US molecular diagnostics company Cepheid for the development of ResistancePlus MG on the GeneXpert platform, which is available in Australia, New Zealand, and parts of Europe.

As a part of Cepheid’s FleXible cartridge program, the product was introduced late 2019 and is said to give clinicians timely information to assist management of Mgen infections, while complying with management guidelines.

Bhavin Raval – SpeeDx CFO said: “As we rapidly expand and enter into more collaborative partnerships, these additional funds will support the necessary structural and process investments to ensure strong pipeline and service growth throughout this year and beyond.”

Australian clinical diagnostics company SpeeDx secures $15m from Northpond Ventures in Series B round. Photo courtesy: Business Wire

The Australian clinical diagnostics company said that it is wrapping up pre-clinical testing in preparation for starting US-based clinical trials for ResistancePlus GC, which is a test to determine susceptibility of gonorrhoea infections to ciprofloxacin treatment.

The test has been given breakthrough device designation by the FDA which will speed up the registration process. SpeeDx said that this will give doctors and patients the option of using ciprofloxacin instead of ceftriaxone, which is one of the last remaining antibiotics that is available for multi-drug resistant gonorrhoea infections.