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Nexkin Medical seeks one million euros to reinforce its market entry

The device developed by Nexkin Medical enables skin prick test reading with the help of state-of-the-art technology, streamlining clinical procedures, and integrating digital workflows. The company, which expects to close the financing round during the first half of 2021, has started working on the U.S. regulatory process with the estimation of reaching the market in 2024.

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Nexkin Medical is seeking private capital. The Spanish company intends to open financing round in the coming weeks with the aim of raising €1 million to strengthen its market entry. The company already has regulatory clearance in the European Union (EU) for its first product, Nexkin Dspt.

The company specializes in the design, development, manufacture, and supply of user-oriented systems, medical devices, and allergology solutions. The company is in talks with its current investors to design and launch the financing round, according to Oscar Matellanes, CEO of Nexkin Medical.

The company has started distributing its first product and making the first installations in hospitals in Spain. Nexkin Dspt (digital skin prick test) is a medical device that helps in the detection of hives and digitization in the reading of the skin prick allergy test.

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Nexkin Medical expects 15% of skin tests performed in Europe to be with its devices

The device enables skin prick test reading with the help of state-of-the-art technology, streamlining clinical procedures, and integrating digital workflows. The company, which expects to close the financing round during the first half of 2021, has started working on the U.S. regulatory process with the estimation of reaching the market in 2024.

Nexkin Medical’s priority markets, due to allergy prevalence factors, are “Switzerland, Germany, France and Italy, in addition to Spain,” explains Matellanes. In a second phase of introduction are Portugal, the Netherlands and the Nordic countries. The company’s goal for 2021 is to make the device known and be in the first hospitals.

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The company expects that by 2026, 15% of prick or skin tests performed in Europe will be performed with its devices, while it has also begun the development of a device for intradermal testing, related to drug allergies.

Nexkin Medical has raised $1.2 million (€1 million) since its founding in 2016

Over the same period, in five years, Nexkin Medical is confident of having installed between 2,000 and 3,000 units in the European market. The company was founded in 2016 on the initiative of Gabriel Gastaminza, an allergist at the Clínica Universidad de Navarra. In addition to this center, the company has collaborated with the Araba University Hospital, in Vitoria, and the Donostia University Hospital.

The CEO of Nexkin Medical explains that the company was born from the demand of allergist doctors, who regretted that the main allergy diagnostic tests are done in a very manual way and without using technology, unlike other specialties and diagnostic tests.

The company, based in San Sebastian and with twenty employees, has so far raised one million euros from private investors and dilutive financing.

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(Featured image by kjerstin_Michaela via Pixabay)

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First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Anthony Donaghue writes about science and technology. Keeping abreast of the latest tech developments in various sectors, he has a keen interest on startups, especially inside and outside of Silicon Valley. From time to time, he also covers agritech and biotech, as well as consumer electronics, IT, AI, and fintech, among others. He has also written about IPOs, cannabis, and investing.