Molecular Detection (MDI), a developer of Detect-Ready molecular diagnostic tests, has finalized $1.9m Series B recapitalization financing.
In the financing round, MDI’s existing investors including MentorTech Ventures, Robin Hood Ventures, Elm Spring Holdings and the Mid-Atlantic Angel Group have participated.
MDI said the Series B recapitalization financing is in addition to $1.5m funding round announced by the company earlier in 2012.
MDI is using the capital to further advance its Detect-Ready MRSA Panel and to develop a new molecular diagnostic panels for the detection of sepsis and gastrointestinal (GI) infections in hospitalized patients.
The Detect-Ready MRSA Panel detects methicillin-resistant Staphylococcus aureus (MRSA) and methicillin-sensitive S aureus (MSSA) pathogens.
The company said it is planning to introduce the sepsis and GI panels in the European Union during 2012.