Fellow existing investors Elm Spring Holdings and the Mid-Atlantic Angel Group also took part in the Series B round, which is in addition to a $1.5m recapitalisation of the company earlier this year.
Molecular Detection said it would use the funds to advance its MRSA detection test and its new system for uncovering sepsis and gastrointenstinal infections (GIs) in patients at hospital.
CEO and chairman Todd Wallach said, “This is an exciting time as we advance the development and commercialization of our detect-ready tests for serious infections that are prevalent in hospitals.
“We appreciate the continuing support of our investors, which will enable us to expand our market presence worldwide and continue development of our new panels for sepsis and GI infections.”
MentorTech is a seed and early-stage venture firm which invests in companies related to the University of Pennsylvania, with founders who are students, faculty members or alumni or in companies whose intellectual property originated at the university.
Copyright © 2012 AltAssets
You must be logged in to post a comment.