28 Feb 2023

SpeeDx raises $26 million to accelerate new technology development and commercial expansion

Funds will accelerate technology development to increase actionable patient results per test

1 minute read
SpeeDX Lab

SpeeDx Pty. Ltd., a developer of transformative molecular diagnostic solutions, has today announced a raise of $26 million from a range of investors including Northpond Ventures, Platinum Asset Management and Tenmile.

Tenmile, the Australian-based health technology investment business owned by Andrew and Nicola Forrest, invested $5 million as part of this funding round.

SpeeDx has invented and patented a suite of complementary technologies which enhance the capabilities and overall utility of a standard PCR test. Using these technologies, SpeeDx has developed PCR tests which detect genetic targets that are diagnostic for specific cancers (e.g. human colorectal and lung cancers, melanomas) or infectious diseases caused by bacteria, viruses or parasites (e.g. Mycoplasma genitalium, SARS-CoV-2).

SpeeDx Co-founder and Chief Scientific Officer, Alison Todd said funds raised would help accelerate technology development. “Our team of talented scientists are developing new technologies that are promising to be real game changers, broadening multiplex PCR capabilities to improve patient diagnoses,”

“The process of developing life-changing products continues to motivate me every day.” — Adjunct Professor Alison Todd said.

SpeeDx Chief Executive Officer, Colin Denver said “Australian companies have a long history of developing world-class technologies.”

“With the support of committed healthcare investors such as Tenmile, we can continue to shine on the world stage.” — Colin Denver.

Tenmile Executive Chair, Dr Steve Burnell, said SpeeDx was in a unique position to capitalise on the efficiency and productivity advantages offered by their technologies.

“PCR-based diagnostics remain the gold standard and we are excited about SpeeDx’s multiplexed solutions for large, high-throughput labs who are seeking to capitalise on expanded capacity that was generated during the COVID-19 pandemic,” Dr Burnell said.

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