ProciseDx Secures $10.5 Million in Series A Financing

ProciseDx Inc. has raised $10.5 million through $8.5 million of equity and $2 million of debt, to fund ongoing development and commercialization of its point-of-care (POC) diagnostic platform. The investment round was led by Biosynex S.A., a French diagnostics company, and included management and private investors. 
 
Biosynex will now own 37% and will join the board. Nestlé Health Science, which previously owned 100% of ProciseDx, remains an active supporter and significant minority shareholder. CoView Capital Inc. and, their life science consultants, The Channel Group, acted as advisors to ProciseDx.
 
ProciseDx is an in vitro diagnostics (IVD) company developing a broad portfolio of rapid diagnostic tests for the physician’s office. The company is developing and commercializing POC tests with a turn-around time of only 2-5 minutes that are immediate and accurate. These tests use finger prick blood or stool samples and ProciseDx’s first menu is focused on GI physicians (gastroenterologists) and includes inflammatory and drug monitoring tests.
 
The investment from Biosynex reinforces a relationship established in May 2020, when Biosynex became the distribution partner for ProciseDx gastrointestinal diagnostics in France.
 
“We are delighted with this significant investment from our European partner, Biosynex. This is an important synergistic and strategic transaction that will help us generate immediate revenues, scale up instrument production, launch our products internationally and fund our US clinical trials,” said Larry Mimms CEO and chief scientific officer of ProciseDx.
 
Larry Abensur, CEO, Biosynex, added, “We are pleased to make this investment in ProciseDx which adds capability of quantitative rapid instrument-based immunoassays to our strong portfolio of lateral flow tests marketed in France and Europe. Our partnership with ProciseDx will also accelerate our commercial development in the US for some of our key products, thanks to the tremendous experience of the ProciseDx team and their track record of FDA approvals.”
 
In addition to the investment and European distribution relationship, ProciseDx will serve as the U.S. FDA agent and U.S. distributor for the Biosynex COVID-19 BSS Antibody test for which an Emergency use Authorization (EUA) file has been submitted. On behalf of Biosynex, ProciseDx has initiated clinical trials to obtain a finger prick blood claim. The Biosynex test is a highly sensitive and highly specific 10-minute blood test detecting anti-SARS Cov-2 antibodies to the viral spike protein.
 
ProciseDx’s launch menu includes Therapeutic Drug Monitoring of Infliximab and Adalimumab as well as CRP, each test from fingerstick whole blood. ProciseDx will also offer a Fecal Calprotectin assay with simple and reliable sample collection. ProciseDx believes that real-time measurement of Infliximab and Adalimumab will dramatically improve the monitoring of IBD patients under biotherapy and will generate significant drug cost savings.
 
Also, ProciseDx announced that Dr. Magda Marquet will serve as ProciseDx Board Chair. Marquet is co-founder of Althea Technologies in San Diego and is an investor, scientist, entrepreneur and board member of a number of biotech companies. She also serves on the California governor’s select advisory committee to address the COVID crisis.