NOWDiagnostics receives $22.5 million in second round of financing

NOWD Diagnostics (NOWDx)a Springdale, Arkansas-based developer of over-the-counter (OTC) and point-of-care (POC) diagnostic tests, has raised $22.5 million in its second round of funding.

The round was led by DigitalDx Ventures together with Labcorp Venture Fund and Kompass Kapital Management.

The Company intends to use the funds to advance the commercialization of home diagnostic testing, continue to develop new diagnostic innovations, expand testing offerings and support strategic hiring initiatives.

Led by CEO Rob Weigle, NOWDx develops and manufactures over-the-counter (OTC) and point-of-care (POC) diagnostic tests. Its patented approach enables the precise performance of virtually any immunological test on-site in one step using a small amount of capillary blood, delivering results within minutes. With over 75 patents issued and pending, the First To Know® and ADEXUSDx® product lines are available in markets worldwide.

Rob Weigle commented on the news: “This oversubscribed round is a testament to our technology platform and mission. Testing is one of the most important tools to prevent the spread of infection and ensure public health. We are committed to making accurate, easy-to-use and affordable at-home testing available to everyone.“

FinSMEs

09.07.2024