Blood test co RapiDx looks to raise $4.2m

The device is designed for ease-of-use without the need for professional intervention.

TechnoPlus Ventures Ltd. (TASE:TNPV) portfolio company RapiDx Ltd. is preparing for clinical trials of its self-applied blood test development device ahead of a planned launch in the US and Europe in 2012. The Tel Aviv-based company is seeking to raise $4.2 million from venture capital funds and angel investors. The company has raised less than $1 million to date.

RapiDx was founded byNili Tamir. The company developed a disposable device for quick blood tests for early detection of diseases and complications from AIDS to high cholesterol. The device is designed for ease-of-use without the need for professional intervention.

RapiDx estimates its target market at $4.3 billion.

RapiDx is now completing development of its device, and is preparing a clinical trial at Sourasky Medical Center Tel Aviv (Ichilov Hospital), after an earlier trial showed improved capability in extracting blood and a sharp reduction in pain.

RapiDx CEO Erez Rozenfeld said, "The purpose of the fundraising is to bring the product to market and to begin generating revenue." He added that the company was in talks with potential international strategic partners for future marketing of the device. "Our objective is to join current sales channels," he said.

Published by Globes [online], Israel business news - www.globes-online.com - on August 10, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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