Blood count device co Sight Diagnostics raises $71m

Healthcare

Patients with Covid-19 who are in a moderate or serious condition need to undergo frequent blood count tests.

Israeli rapid blood diagnostics developer Sight Diagnostics has announced that it has raised $71 led by US corporations and international venture capital funds. Clal Biotechnology Industries Ltd. (TASE: CBI) notified the Tel Aviv Stock Exchange (TASE) that after the financing round it holds a 4% stake in Sight Diagnostics through Anatomy, its fund for investing in medical devices. Sight Diagnostics raised $28 million in February 2018.

Sight Diagnostics, which has developed a blood test for identifying Malaria, is now contributing to the war against Covid-19 through its lead product - a point-of-care blood count device, which is approved by the US Food and Drug Administration (FDA) and WHO.

Patients with Covid-19 who are in a moderate or serious condition need to undergo frequent blood count tests. Sight Diagnostics device gives swift results and is compact and easy to use.

In March, Sight Diagnostics cofounder and CEO Yossi Pollak said, "It's important to stress that we have not developed a test for coronavirus but a blood count test, which is important for all patients with fever who don't yet know what they have, and for all patients with a diagnosis to know if their condition is deteriorating. Our device has a lot to offer hospitals in termsof the spread of the disease and easing conducting tests in an isolated environment. It's a compact device trhat doesn't take up much space."

He added, "Our device is part of a strengthening trend during the coronavirus outbreak in which the world wants to conduct tests close to the patient. This is relevant for both coronavirus and other patients where institutions are looking to reduce exposure within the hospital."

Published by Globes, Israel business news - en.globes.co.il - on July 26, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020

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