Neonatal Diagnostics Company InfanDx Closes Interim Financing Round
Funding allows further advancement of lead product and achievement of key near-term milestones
Cologne/Germany, 11 March 2021
InfanDx AG (Cologne, Germany), a privately held diagnostics company focusing on the development and commercialization of novel diagnostic solutions for newborns, today announced the closing of an interim financing round involving both existing and new investors. The proceeds from this funding round are expected to provide the financial runway to achieve certain value-creating near-term milestones in clinical biomarker research for the Company’s lead product, the HypoxE test®. Further details of the financing round were not disclosed.>
“I would like to thank the investors of this round for their support and commitment to InfanDx,” said Dr. Achim Plum, CEO of InfanDx. “Between today and mid-2022, we are heading for several very significant milestones in the development of our HypoxE test® and the funding provided through this round will allow us to achieve some of the more near-term ones of these important value inflection points while evaluating the mid- to long-term funding strategy of the Company.”
“The combination of a highly unmet diagnostic need and the approach developed by InfanDx and its outstanding network of collaborators, which is dedicated to improve the lives of tens of thousands of children worldwide, convinced me to participate in this funding,” said Jochen Tschunke, a serial entrepreneur and first-time investor in InfanDx.
InfanDx´ HypoxE-test® is the Company’s proprietary lead product in clinical development. It is based on a panel of proprietary biomarkers and designed for the rapid and reliable diagnosis of perinatal asphyxia (oxygen deficit during birth) and early identification of resulting hypoxic-ischemic encephalopathy (HIE) within the first hours of birth. HIE can cause life-long disabilities in affected children. The long-term detrimental effects of HIE can be mitigated or even prevented by neuroprotective hypothermia treatment initiated within six hours of birth, provided that affected newborns can be reliably and timely identified by suitable diagnostic methods. These methods are unavailable at present.