Novel Microdevices Secures $2.7 Million in Follow-On Funding from NIH RADx® Tech Program After Achieving Key Performance Milestones
BALTIMORE, Nov. 8, 2024 /PRNewswire-PRWeb/ -- Novel Microdevices, Inc., a leader in medical diagnostic innovation, announces the award of an additional $2.68 million in follow-on funding from the National Institutes of Health (NIH) Rapid Acceleration of Diagnostics (RADx®) Tech program. The funding follows the successful completion of critical performance milestones for its high-performance, point-of-care RT-PCR platform, which rapidly detects RSV, Influenza A, Influenza B, and COVID-19 in just 15 minutes.
The company initially received $1.4 million in Phase 1 funding in August 2023 to support the development of its next-generation diagnostic platform. Phase 1's success highlights Novel Microdevices' capability to advance point-of-care molecular diagnostics, offering laboratory-quality testing directly in clinical settings. With the follow-on award, the company is poised to accelerate commercialization efforts, aiming to bring advanced diagnostic solutions to market more quickly.
Andrea Pais, CEO of Novel Microdevices, stated: "Securing follow-on funding from the NIH RADx Tech program is a significant achievement for our company. This non-dilutive funding reinforces our commitment to transforming the diagnostic landscape with our rapid RT-PCR platform. Our goal is to deliver accurate, lab-quality molecular diagnostics at the point of care, empowering clinicians and patients with timely and reliable results."
Launched in April 2020, the RADx Tech program aims to expedite innovation in COVID-19 diagnostics. In this latest funding phase, the program focuses on advancing high-performance point-of-care and over-the-counter testing solutions that emphasize user-friendliness, future-proof design, and minimal reliance on serial testing. With this follow-on funding, Novel Microdevices is on track to achieve its near-term commercialization goals within the timeframe established by the program.
This project has been funded in part with Federal funds from the National Institute of Biomedical Imaging and Bioengineering (NIBIB), National Institutes of Health, Department of Health and Human Services, under Contract No. 75N92023D00001.
About Novel Microdevices, Inc.
Based in Baltimore, MD, Novel Microdevices is dedicated to revolutionizing clinical diagnostics through innovative technology. Its flagship product, the Novel Dx device, provides a rapid, portable, and multiplexed solution for detecting infectious diseases at the point of care. By delivering PCR-quality test results in 15 minutes at a competitive price, Novel Microdevices is challenging the limitations of traditional antigen and molecular testing.
For more information about Novel Microdevices, Inc., please contact:
Email: [email protected]
Website: www.NOVELmicrodevices.com
Media Contact
Andrea Pais, Novel Microdevices, Inc., 1 (443) 312-5488, [email protected], www.novelmicrodevices.com
SOURCE Novel Microdevices, Inc.
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