MeMed, a host response technologies specialist, has announced a $93 million private financing round, bringing total funding in the company to over $200 million, including support from the U.S. Department of Defense and EU Commission.
Funds will be used to scale up manufacturing, accelerate commercialisation and expand MeMed’s host immune response product portfolio.
MeMed’s technology suite decodes the body’s immune response within minutes, providing physicians with important patient management solutions that tackle key clinical dilemmas. The U.S. Food and Drug Administration (FDA) recently granted a landmark clearance for the use of the MeMed BV test on the point-of-need platform MeMed Key, to help healthcare providers distinguish between bacterial and viral infections in both children and adults. MeMed has also developed the MeMed COVID-19 Severity test for predicting severe outcomes in COVID-19 patients, which has been cleared for use in Europe.
The latest financing brings together new and existing investors including Horizons Ventures, Shavit Capital, Social Capital, La Maison Partners, Touchwood Capital, Caesara Medical Holdings, Union Tech Ventures, ClaI Insurance, Phoenix Insurance, Poalim Equity and Western Technology Investment.
Eran Eden, MeMed’s co-founder and CEO, said: “This new investment will enable MeMed to expand operations with a focus on the U.S. We are grateful to our investors for their support and will leverage the funds, the recent FDA clearance, and our growing network of partnerships to provide broad patient access to our technology, as well as expand our product portfolio of pioneering host response solutions.”
Patrick Zhang, Horizons Ventures, added: “We strongly believe that MeMed’s strategy of using host-immune response- technologies is a significant advance in the improvement of two major issues in healthcare today: the rise of antimicrobial resistance due to unnecessary prescription of antibiotics and effectively triaging patients infected with COVID-19. We look forward to playing a role in how MeMed, a category leader in this area, is transforming the way diseases are diagnosed and treated to improve patient healthcare across the globe.”
