August 13, 2020

BioDirection Secures $18 Million Series C Financing

Bio Direction has announced that the company has successfully closed the $18 Million Series C Funding.  The company added that the funding round was led by the Asset Management Firm and Alternative Investment Division of Shepherd Kaplan.

Managing Member and President of SKK, Mr. Steve Brackett said, “The global need for rapid, definitive and efficient diagnostic technologies has never been greater than it is currently. NanoDxTM fits SKK’s investment strategy, which focuses on cutting-edge, proprietary technology platforms addressing large endemic issues and conditions in the global markets. We are impressed by the depth and breadth of NanoDx’s current products and development plans, and we are excited to be working with such an experienced and visionary team.”

Chief Executive Officer and President of NanoDx, Joshi said, “Based on the high level of interest and SKK’s leadership in the financing, our shareholders approved an increase in the oversubscribed initial financing, originally targeted to be $15 million USD, to $18 million USD in May 2020. SKK now represents our largest and most significant investor.”

“These funds will drive final product validation, scale-up of our NanoDxTM System manufacturing, and initial product introductions into the US and European markets this year,” Joshi added.

“Our biosensor technology is designed to adapt to a wide variety of health conditions. As an example, shortly after the Covid-19 pandemic began, we demonstrated the flexibility and scalability of our platform for the potential direct identification of Covid-19 with high levels of sensitivity,” Joshi continued.

“The modified biosensor produces a test result in about 2 minutes from a drop of blood or saliva immediately at the testing site with little preparation and no central laboratory involvement. As a result, the company is in the process of applying to the FDA for an Emergency Use Authorization for Covid-19,” Joshi concluded.