RheoDx, on the hunt for a million euros to accelerate in blood diagnostics RheoDx, facing its year of consolidation. The Spanish startup has received €669,000 from the Center for the Development of Industrial Technology (Cdti) through the Cervera Program. The company is developing a small, portable diagnostic device that improves efficiency in the monitoring of patients with hematological diseases.
The company will use the funding to accelerate in blood diagnostics and will seek to accompany it with a $360,000 (€300,000) financing round. In total, the company is looking to raise $1.2 million (€1 million) by 2021 to consolidate the project, said Alfred Serra, CEO of RheoDx.
The device developed by the start-up allows immediate and inexpensive detection of blood cell abnormalities by means of a single drop of blood where the patient is. The company has recently initiated clinical studies.
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RheoDx expects to start marketing its device in late 2022 or early 2023
RheoDx is a technology-based company born from the Center for Mathematical Research (CRM), the University of Barcelona and Collider, an initiative of the Mobile World Capital Foundation. The project got the patent on its development in 2016, but the company was not founded until 2018.
The startup has begun clinical studies at the Josep Carreras Leukemia Research Institute, the Hospital de la Santa Creu i Sant Pau and the Catalan Institute of Oncology with the aim of obtaining CE and U.S. Food and Drug Administration (FDA) marking. Serra assures that “in the future we will be able to determine any type of disease through blood diagnosis.”
Through Cdti funding, the company expects to have the prototype device ready in June. The company estimates that 20% of transfusions performed each year are unnecessary, and its device could reduce that cost. The device is aimed at a market of 80 million patients in Europe, including anemias, liquid cancers, coagulation disorders and infections such as malaria.
The company has raised about half a million euros since its founding in 2018
RheoDx estimates starting commercialization of the medically focused device in late 2022 or early 2023. However, the startup plans to bring it to market for other purposes such as the food industry and start billing.
The medtech company was founded by Aurora Herández-Machado, a professor of physics. Since its foundation, the startup has raised close to half a million euros. The company closed a funding round of $419,000 (€350,000) on the crowdfunding platform Capital Cell, has received financial support from Enisa and $90,000 (€75,000 from) Acció, in addition to contributions from the founding partners. RheoDx, based in Barcelona, currently has four employees.
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