Med-Tech start-up MeMed announced that it raised $93 million in a private funding round, which raises its total funding to over $200 million; the funds are to be used for manufacturing scale-up and portfolio expansion. Recently, the U.S. Food and Drug Administration (FDA) granted clearance for the use of the company’s MeMed BV test which aims to help healthcare providers distinguish between bacterial and viral infections in both children and adults.
“This new investment will enable MeMed to expand operations with a focus on the U.S.,” said Eran Eden, MeMed’s co-founder and CEO. “We are grateful to our investors for their support and will leverage the funds, the recent FDA clearance, and our growing network of partnerships to provide broad patient access to our technology, as well as expand our product portfolio of pioneering host response solutions.”
MeMed is a host response technology company that focuses on generating insight on the way diseases are diagnosed and treated; the company has garnered support from a host of investors, including the U.S. Department of Defense and EU Commission; as well as Horizons Ventures, Shavit Capital, Social Capital, La Maison Partners, Touchwood Capital, Caesarea Medical Holdings, Union Tech Ventures, ClaI Insurance, Phoenix Insurance, Poalim Equity and Western Technology Investment.
MeMed has also developed the MeMed COVID-19 Severity test for predicting severe outcomes in COVID-19 patients, which has been cleared for use in Europe.
“We strongly believe that MeMed’s strategy of using host-immune response- technologies is a significant advance in the improvement of two major issues in healthcare today: the rise of antimicrobial resistance due to unnecessary prescription of antibiotics and effectively triaging patients infected with COVID-19,” said Patrick Zhang, an investor at Horizons Ventures. “We look forward to playing a role in how MeMed, a category leader in this area, is transforming the way diseases are diagnosed and treated to improve patient healthcare across the globe.”