Spanish firm STAT-Diagnostica said it will invest $17m, arranged through Series B financing round, for completing the development of its Near Patient Testing diagnostic system.
Using the proceeds, the company also plans to clinically validate its first products, which will be directed at infectious disease detection, antibiotic resistance determination and detection of biomarkers in critically ill patients.
STAT-Diagnostica CEO and co-founder Jordi Carrera said the financing is a significant milestone that will support the company's preparation for a European market launch in 2015.
"Our ability to close the round is proof of the outstanding team behind the company, and demonstrates the potential of our technology in the fast growing decentralized diagnostics market," Carrera added.
The financing round, which was led by a new investor Kurma Life Sciences Partners, included some more new partners such as Idinvest; Boehringer Ingelheim Venture Fund; and Caixa Capital Risc; in addition to the existing investors Ysios Capital and Axis.
STAT-Diagnostica claims that its near patient testing systems, such as novel in vitro diagnostic system, provide quick results in less than 30 minutes, for diagnosis of certain medical conditions.