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NeuMoDx Molecular scores $21M in Series B round

NeuMoDx Molecular has $21 million more in its coffers now that the Ann Arbor-based startup has secured a Series B round of financing.

The investment round in the diagnostics company was led by Pfizer Ventures. Other local venture capital investors included Baird Capital, Venture Investors, Arboretum Ventures and the Wolverine Venture Fund. The startup, helmed by veteran local CEO Jeff Williams, also secured $5 million in a Series A in 2012.

"It helps to have an experienced CEO," says Erik Gordon, a professor of entrepreneurship and strategy who oversees the student-run Wolverine Venture Fund at the University of Michigan's Ross School of Business. "We also did a lot of research in the molecular science space."

NeuMoDx Molecular is developing a new platform for high volume, low-cost molecular testing. The company’s patent-pending technology integrates magnetic particle affinity capture and real time polymerase chain reaction chemistry in a multi-sample microfluidic cartridge. That enables NeuMoDx Molecular’s platform to speed up molecular testing, processing about 500 samples every eight hours.

NeuMoDx Molecular is currently going through clinical trials and working to secure regulatory approval, which the new round of funding will make possible.

Source: Erik Gordon, professor of entrepreneurship and strategy at the University of Michigan’s Ross School of Business
Writer: Jon Zemke
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