New investment to expand PCR-based diagnostics offering

MedTech News: Australian molecular diagnostic company, SpeeDx, announced a raise of $26 million from a range of investors including Northpond Ventures, Platinum Asset Management and Tenmile.

Founded by two female scientists turned entrepreneurs, SpeeDx has invented and patented a suite of complementary technologies which enhance the capabilities and overall utility of a standard PCR test. Using these technologies, SpeeDx has developed PCR tests which detect genetic targets that are diagnostic for specific cancers – including colorectal and lung cancers and melanomas – or infectious diseases caused by bacteria, viruses or parasites (mycoplasma genitalium, SARSCoV-2).

SpeeDx Co-founder and Chief Scientific Officer, Alison Todd said funds raised would help accelerate technology development.

“Our team of talented scientists are developing new technologies that are promising to be real game changers, broadening multiplex PCR capabilities to improve patient diagnosis. The process of developing life-changing products continues to motivate me every day,” Adjunct Professor Alison Todd said.

The company has licensing and partnership deals with Roche, GSK, Cepheid, Biocartis and LabCorp. 

SpeeDx Chief Executive Officer, Colin Denver said “Australian companies have a long history of developing world-class technologies. With the support of committed healthcare investors such as Tenmile, we can continue to shine on the world stage.”

Tenmile Executive Chair, Dr Steve Burnell, said SpeeDx was in a unique position to capitalise on the efficiency and productivity advantages offered by their technologies.

”PCR-based diagnostics remain the gold standard and we are excited about SpeeDx’s multiplexed solutions for large, high-throughput labs who are seeking to capitalise on expanded capacity that was generated during the COVID-19 pandemic,” Dr Burnell said.

Tenmile, investing $5 million as part of this funding round, is a new venture capital business focussed on supporting founders and companies building new health technology and biotech solutions. Tenmile is backed by an initial capital allocation of $250 million from Tattarang, owned by Andrew and Nicola Forrest.

Tattarang Chairman Dr Andrew Forrest AO said Tenmile is different to other venture capital funds operating in Australia because it is solely dedicated to health technology and can act fast without obligations to investors and lending providers.

He said “Our laser-focused approach means we can help early-stage companies, researchers and entrepreneurs tap into seed funding to help them when they need it most, and then provide follow-on support, which is often unavailable through government or public sector funds.

“Tenmile will help Australian researchers and Australian companies, through our extensive knowledge, global networks and dedicated capital to deliver life-changing products and medical treatments in a way that this country has not seen before.”

Tenmile has a growing portfolio of investments including Emyria, Carina Biotech and Rock Health.

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