Golden Seeds Invests In DxUpClose
Golden Seeds has invested in a $1.0M Series A financing of DxUpClose. DxUpClose is developing an in-vitro antibiotic sensitivity test for use at point-of-care, designed to deliver results in less than an hour. The first target market is urinary tract infections. Physicians currently do not have real time tools to test antibiotics against bacteria so they have to guess or order expensive lab tests which take 24 to 48 hours for results. Without lab tests, 10% of the time the wrong antibiotic is prescribed. This causes $2.7 billion per year in unnecessary costs due to misdiagnosis and acerbates the growing antibiotic resistance problem. In less than an hour, this bedside test could reduce the guess work and give better results to millions of patients.
The product personalizes medicine by doing three things within one hour at the patient's bedside: list antibiotics proven to be effective against the bacteria, screen for deadly bacteria, and count bacteria present. The electronic sensor is designed to withstand hot and cold shipping conditions, weigh less than 16 oz and run on batteries.
"This funding will help us complete the development of the product, enhance sensitivity of the diagnostic, and achieve FDA's design verification milestone" said Cyndi Nickel, DxUpClose's CEO.
"DxUpClose will bring a state of the art diagnostic solution to sufferers of a very painful illness, reduce healthcare costs and assist doctors in providing the best healthcare to their patients", said Jan Norton, Managing Director, Golden Seeds, who co-led the financing and joins the company's board as an observer.
DxUpClose was founded in 2009 by Cyndi Nickel, former Hewlett Packard executive in cutting edge technologies. She combines her business acumen with researchers, inventors and patents from both Texas A&M University and Texas State University to develop a state of the art solution by personalizing medicine to solve a common problem.
About Golden Seeds
Golden Seeds is an investment firm dedicated to delivering above market returns for investors through the empowerment of women entrepreneurs and the people who invest in them. Its angel network consisting of 250 men and women is the fourth largest in the US and was the third most active in terms of deals done in 2011.