Medtech startup Nutromics has received a $14 million investment from strategic investors including Dexcom Ventures, VU Venture Partners and Artesian Investments.
Founded in 2017, the company is developing a continuous diagnostic monitoring platform called Lab in a Patch that uses DNA sensor technology to track multiple targets in the human body, including disease biomarkers and difficult-to-dose drugs. .
WHAT’S THE POINT
According to a press release, the new funds will be used to continue the company’s clinical studies and expand its R&D teams in Australia and the United States.
Nutromics also revealed that it plans to raise “significantly more funding” next year as a result of its in vivo clinical studies.
THE GREAT TREND
The latest fundraising followed last year’s pre-commercial investment round where Nutromics raised $4 million to build a manufacturing facility and conduct its first human clinical trial for its patch lab offering.
This brings its total investment raised since inception to over $20 million.
In April this year, the company named the former Abbott Laboratories executive Dr. Agim Beshiri as the first CMO. He leads Nutromics’ medical research, regulatory engagement, clinical development and hospital partnerships.
“With this strategic industry and venture capital investment in us, we are seeing greater confidence in our technology and hope to accelerate our growth as the need for our platform in the laboratory diagnostics space is urgent. “, said Peter Vranes, CEO and co-founder of Nutromics.