Neonatal Diagnostics Company InfanDx AG Closes Oversubscribed Second Tranche of Series A
- Second tranche of approximately EUR 2 million additional funding raised in response to unsolicited investor interest
- Transaction oversubscribed by more than 50%
- Funding provides further financial runway and flexibility as Company progresses product development on schedule
InfanDx AG, a privately-held diagnostics company focusing on the development and commercialization of novel diagnostic solutions for newborns, today announced the second closing of its Series A financing round, raising approximately EUR 2 million in additional proceeds from new and existing investors. A first closing of the Series A totaling about EUR 4 million was completed in July 2021. The second tranche of this Series A was placed under the same conditions as the first tranche and oversubscribed by more than 50% based on strong investor interest.
In the transaction, FIL Bros. Capital GmbH, an investment vehicle of serial entrepreneur Tom Schröder, subscribed to a significant share of the capital raised and joined existing and further new investors participating in the round.
The proceeds will fund the development of the Company’s lead product, the HypoxE® Test for Hypoxic Ischemic Encephalopathy (HIE). The product is in advanced clinical development leveraging two unique prospective longitudinal cohort studies, AAMBI (completed) and BANON (to be completed by end of Q1-2022). These patient cohorts provide InfanDx with the opportunity to achieve highest levels of validation of the biomarkers and the corresponding diagnostic tests in development.
With all R&D activities on track, the additional placement of Series A shares provides further financial resources to reach key value-creating milestones over the next twelve months, including
- the final design and validation of the HypoxE® biomarker panel and interpretative algorithm,
- the development of prototype HypoxE® Tests for various laboratory and point-of-care settings,
- the development of a first version of a cloud-based HypoxE® interpretation software for clinical decision support in HIE,
- the set-up of US clinical development operations and initiation of a US trial required for US-FDA approval.
“We are intrigued by the medical need that InfanDx is addressing with its HypoxE Test that can potentially help prevent lasting brain injuries for many children that experience complications during birth. The Company ticks all our boxes for ethical investments with the prospect of high societal impact,” commented Wilhelm Grauer, Managing Director of FIL Bros. Capital GmbH.
“With this second oversubscribed closing, we responded to unsolicited interest by current and new shareholders to invest into InfanDx, reflecting the excellent progress of the Company in executing its strategy and business plan,” said Wolfgang Kintzel, Chairman of InfanDx´ Supervisory Board.
“I would like to thank all investors participating in this second closing of our Series A for their support and commitment to InfanDx,” said Dr. Achim Plum, CEO of InfanDx. “The further proceeds from this transaction will add significant additional financial runway, allowing us to reach further very important milestones in the development of our HypoxE Test over the next twelve months. It will also give us negotiation leverage in a Series B round that is planned for the third quarter 2022. This planned Series B is expected to fund us through the product launches in Europe and a potential US FDA approval.”
InfanDx AG is a privately held company focusing on the development and commercialization of novel diagnostic solutions for acute and critical care conditions in newborns.
The Company’s proprietary lead product in clinical development is the InfanDx HypoxE® Test designed for the reliable identification of hypoxic-ischemic encephalopathy (HIE) within the first hours of birth. HIE as a consequence of perinatal asphyxia (oxygen deficit during birth) can result in life-long disabilities. The long-term detrimental effects of HIE can be mitigated and even prevented by neuroprotective hypothermia treatment. However, this therapy must be initiated within six hours of birth to be effective, requiring suitable diagnostic methods to reliably and timely identify the affected newborns.
While standard-of-care diagnostic methods cannot deliver a conclusive diagnosis of HIE within this time frame, the rapid InfanDx HypoxE® Test is designed to support clinicians in the timely decision whether newborns require neuroprotective hypothermia treatment.
The Company is headquartered in Cologne, Germany, with a branch office in Berlin, Germany, and a wholly-owned subsidiary in Boston, MA, USA. For more information, please visit: http://www.infandx.com/