Diagnostics company Nutromics has raised $11 million in an ‘acceleration’ funding round for its medical wearable diagnostic platform.
The round, which comes after the company raised $20 million in a round backed by the venture arm of blood glucose monitor manufacturer Dexcom, was led by two high net-worth family offices.
Nutromics threatens to revolutionize diagnostics through its DNA-based sensor platform which combines multiple DNA-based sensors with minimally invasive microneedles that can track multiple crucial targets continuously and in real-time.
At the same time as the funding announcement, the company said that Dr Chris Roberts AO had joined Nutromics’ Board of Directors as Non-Executive Chairperson.
As the long-serving former CEO of Cochlear, and Non-Executive Director and Executive VP at ResMed, Dr Roberts brings experience commercialising medical technology in the US market and scaling medical device companies.
Dr Roberts said: “Through its aptamer platform, Nutromics can improve the outcome for millions of patients in clinically critical situations by providing clinicians with continuous monitoring of a range of analytes that currently cannot be analysed in real-time.
“This will be a game changer in many clinical situations.”
His appointment boosts the company in its plans for a series A funding round, expected to be for more than $50 million and to open later in 2023.
CEO and co-founder Peter Vranes said: “We’ve been laser-focused on rapid progress at Nutromics.
“Our first in-human clinical studies are underway, and we’ve made notable strides with the development of our first product.
“This investment is a vote of confidence demonstrating that not only do investors resonate with our vision, but also, they believe that we can get our ‘lab-on-a-patch’ technology to the market.”
Nutromics’ first in-human studies are currently underway at Monash Health in Melbourne.
Nutromics has talked openly of its hopes to emulate the success of leading medtech companies such as Cochlear and ResMed.
Nutromics COO and co-founder Hitesh Mehta said: “Nutromics is at a critical stage in our path to commercialisation.
“With this new funding, rapid advancement of our first product, and with Chris at the helm of our Board, we feel confident that we’re in a strong position at our current stage of development.”