Novel Microdevices, Inc. Announces ~$1.4M Phase 1 funding from NIH RADx® Tech
Baltimore City, Maryland (PRWEB) August 07, 2023 -- Novel Microdevices, Inc. (company), a promising medical diagnostic company, has announced today that it has been awarded funding from the National Institutes of Health (NIH) Rapid Acceleration of Diagnostics (RADx®) Tech program in support of its high performance, rapid, point-of-care, RT-PCR platform for multiplex diagnostic test that detects RSV, influenza A, influenza B and COVID-19 in under 15 minutes. The initial $1.4M award has the potential for Phase 2 funding pending successful completion of Phase 1.
Originally launched in April 2020, the NIH RADx Tech program was created to speed innovation in the development of COVID-19 tests by providing funding and access to technical, regulatory, clinical, and commercial experts. In September 2022, another round of funding up to $300 million was announced to improve performance of over-the-counter (OTC) and point-of-care (POC) COVID-19 tests with a focus on universal design features to ensure ease of use, decrease the need for serial testing, and account for future variants. Products for this round must be ready for commercialization within 12-36 months.
The CEO of Novel, Andrea Pais, added - “This recently awarded Phase 1 Contract by RADx Tech represents a major achievement for our company and serves as a strong validation of our cutting-edge diagnostic testing technology. This milestone will propel the continued advancement of our technology, allowing us to provide the fastest and most accurate PCR test for the point of care market.”
This project has been funded in part with Federal funds from the National Institute of Biomedical Imaging and Bioengineering (NIBIB), National Institutes of Health, Department of Health and Human Services, under Contract No. 75N92023D00001.
ABOUT Novel Microdevices, Inc.
Novel Microdevices, based in Baltimore, MD., is a medical diagnostics company working to revolutionize clinical diagnostics. Through this effort, the company has developed the Novel Dx device, a cost-effective, portable, rapid, multiplexed and easy-to-use testing solution for infectious diseases and more. The company is challenging the point-of-care antigen and molecular testing market by providing lab-level PCR test results in under 15 minutes, while doing so at a similar price point to the ubiquitous rapid antigen test.
Inquiries about Novel Microdevices, Novel Microdevices, Inc., http://www.novelmicrodevices.com, 1 (443) 312-5488, [email protected]
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