Nanopath Secures $25M for Rapid Vaginitis Test Launch
A women’s health biotech firm named Nanopath has secured $25 million in Series B financing, which includes $2 million of non-dilutive grant funding. Norwest and SV Health Investors’ MedTech Convergence Fund co-led the round, with the Labcorp Venture Fund taking part.
The funding will support the commercial launch of Nanopath’s 15-minute point-of-care vaginitis assay, including manufacturing and initiation of an FDA 510(k) clinical study. The company also plans to expand its workforce across clinical and commercial functions.
Nanopath’s technology uses plasmonic biosensing to measure changes in how light interacts with tiny metal structures when a target molecule binds to a sensor. This optical biosensing approach detects genetic material without the copying step used in PCR testing.
The company’s cofounder and co-CEO, Alison Burklund, stated that the funding brings them closer to translating their innovation into meaningful clinical impact. Nanopath previously received Breakthrough Device designation from the FDA for its assay’s rapid detection of infection in patients with suspected or at-risk complicated urinary tract infections (c-UTIs).
In 2020, Nanopath was awarded $4 million in grants from the National Institutes of Health and the National Science Foundation to support research and development of its platform. The company also closed a $10 million Series A round in 2022, co-led by Norwest Venture Partners and the Medtech Convergence Fund.
The recent funding round included participation from new and existing investors, such as Elderberry Ventures, GingerBread Capital, and Alumni Ventures. Catherine Kiani, managing partner at Elderberry Ventures, and Mindy Nye, vice president of Labcorp Diagnostics, joined Nanopath’s board of observers.
With this new funding, Nanopath aims to advance its rapid diagnostic technology, potentially improving access to timely and accurate testing for women’s health conditions. The company’s focus on women’s health aligns with growing efforts to address unmet needs in this area, where earlier detection and intervention can significantly impact patient outcomes.
As Nanopath moves forward with its commercial launch and clinical studies, the company’s progress will be closely watched by investors and healthcare professionals alike, eager to see the real-world impact of this innovative diagnostic technology.
