Israeli diagnostics co MeMed raises $70m

Dr. Kfir Oved and Dr. Eran Eden Photo: Shlomi Yosef

The Haifa-based company has developed an immune-system based test for distinguishing between bacterial and viral infections.

Israeli diagnostics company MeMed has announced the completion of a financing round of more than $70 million, with participation from new and existing investors including Ping An Global Voyager Fund, Foxconn, Caesarea Medical Holdings, Clal Insurance, Phoenix Insurance, OurCrowd, Social Capital, WTI, Horizons Ventures, and high-net-worth individuals.

The Haifa based company will use the funds for: market adoption of MeMed BV, an immune-system based test for distinguishing between bacterial and viral infections, while continuing to generate an unprecedented level of clinical evidence validating test performance; complete development, upscale manufacturing and clearance of MeMed Key, a point-of-care (POC) protein measurement platform; and expand its pipeline of innovative tests that integrate machine learning and immune-based measurements to tackle big clinical challenges.

MeMed co-founder and CEO Dr. Eran Eden said, "The overwhelming enthusiasm to participate in the latest round reflects the vast clinical challenge and huge market opportunity our technology addresses. For nearly a decade, with leading academic and commercial partners, we've developed MeMed BV™, and then generated high quality double-blind clinical evidence to validate it. When measured on MeMed Key™ and on other platforms, MeMed BV™ has the potential to serve as a valuable tool in the fight against resistant bacteria - one of the biggest healthcare challenges of our time. The additional funds, and the significant support we are receiving from the U.S. government and EU commission, solidify MeMed as a global leader in the space of host-based diagnostics of infectious and inflammatory disorders."

MeMed co-founder and CTO Dr. Kfir Oved added, "These resources will expedite the final development phases, clearance and manufacturing of the pioneering MeMed Key™ platform, which will run the MeMed BV™ test in minutes. Importantly, the MeMed Key™ platform opens the way to central lab precision at the point-of-care. It will allow measurement of multiple other proteins and signatures, both conventional and new, which are currently only measurable in the central lab. This unlocks enormous value in diagnosing and managing patients across a wide range of other diseases."

Published by Globes [online], Israel business news - www.globes-online.com - on September 21, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Dr. Kfir Oved and Dr. Eran Eden Photo: Shlomi Yosef
Dr. Kfir Oved and Dr. Eran Eden Photo: Shlomi Yosef
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