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Medical diagnostic tests developer Molecular Detection Inc. raised $3.3 million October 3, 2009

Posted by israelhealthcare in Diagnostic Test.
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Medical diagnostic tests developer Molecular Detection Inc. (MDI) has raised $3.3 million in a third financing round led by MentorTech Ventures and included new investors Ben Franklin Technology Partners, Robin Hood Ventures and the Mid-Atlantic Angel Group Fund (MAG). MDI has previously been funded by the SVM-Israel Opportunity Fund and the Chief Scientist Office of the Israeli Ministry of Industry and Trade.

MDI is preparing to launch its first product, the Detect-Ready assay for the rapid detection of methicillin-resistant Staphylococcus aureus (MRSA), a growing worldwide problem that results in serious illness and death while increasing hospital costs. This funding will provide the company with the resources needed to launch its MRSA assay in Europe and the U.S. while also expanding its pipeline of molecular diagnostic tests.

The company also announced that Todd M. Wallach has been named chief executive officer. Prior to MDI, Mr. Wallach was CFO of specialty pharmaceutical company Aton Pharma. He was previously vice president of finance and operations of Acuity Pharmaceuticals, which was acquired by publicly traded OPKO Health.

“This Series C financing represents a major milestone for MDI, confirming the promise of our innovative molecular diagnostic technologies and our soon-to-be-launched assay for MRSA screening,” said Wallach. “The Detect-Ready MRSA assay offers healthcare providers a high-performance diagnostic with an unmatched combination of accuracy, speed, flexibility and cost-effectiveness, addressing a market that is expected to exceed $1 billion in annual revenues in the next few years.”

MDI is developing and commercializing a portfolio of “sample-to-answer” Detect-Ready molecular diagnostic tests for the detection of infectious diseases. The company’s first product is a ready-to-use rapid detection DNA-probe screening test for MRSA. The Detect-Ready MRSA test provides increased accuracy, faster time to results and more efficient utilization of hospital resources compared to other MRSA diagnostic products. MDI was founded in 2007 and is headquartered in Wayne, PA. It has research operations and manufacturing facility in Jerusalem, Israel.

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