Healthcare company AdvanDx has raised $12m in funding from the Merck Global Health Innovation Fund, the corporate venturing unit of pharmaceutical company Merck, SLS Ventures AB and LD Pensions.
SLS Venture and LD Pensions both invested $8m in a series C round raised by AdvanDx in 2009, and AdvanDx also raised $2.2m in 2012.
The series B financing will be used to expand the Massachusetts-based company’s molecular diagnostic product offering, as well as its sales and marketing presence in the US and internationally.
AdvanDx provides rapid and accurate molecular diagnostic tests to identify pathogens that cause critical infections in hospitalised patients. It aims to limit unnecessary antibiotic use and reduce healthcare costs.
David Rubin managing director at Merck GHI, said: “We are pleased to invest in a company with a strong track record of innovation in rapid diagnostics for infectious disease. As the problem of antimicrobial resistance continues to grow worldwide, products that help hospitals implement antimicrobial stewardship programs are urgently needed.”