Senzo Secures Additional $1.9MM Equity Funding for Its PCR-Accurate Lateral Flow Test
Dec 12, 2022
PHILADELPHIA - December 12, 2022 - (Newswire.com)
Senzo, a life sciences company developing high accuracy, low-cost point-of-care diagnostic technologies, today announced a $1.9 million investment led by existing investors BioAdvance and Wellness Coaches.
The funding follows recent blinded studies by UCL and LateralDx, confirming that the Senzo Amplified Lateral Flow test had 98% accuracy in comparison to PCR in correctly identifying COVID-19 virus in samples, even at very low viral loads above 30 Ct. These studies, combined with an earlier study by Sheffield University, demonstrate the high performance of the Senzo Amplified Lateral Flow (ALF) platform. ALF is the only platform that combines the speed and low cost of lateral flow tests with the accuracy of PCR tests.
The investment will be used to complete validation, execute clinical trials, secure FDA EUA authorization, and scale manufacturing for the ALF COVID-19 test, as well as to advance R&D for new Flu A/B, RSV, Tuberculosis, HIV, Hepatitis-C, and Strep tests.
"This funding further indicates the interest and excitement investors have in the ALF platform, and is another important step in bringing our technology to market. Whether for COVID-19, TB, Flu, or a range of other diseases, there are patients in desperate need of better at-home, rapid-test diagnostics, and a huge market needing our tests. This investment will help us bring this innovative technology to market even faster," said Jeremy Stackawitz, CEO of Senzo Health.
Senzo plans to complete ALF COVID-19 clinical trials and secure FDA EUA regulatory approval in 1H 2023, with tests commercially available in the 2H 2023.
About Senzo:
Senzo is an in vitro diagnostics company developing innovative, accurate, and accessible testing products. Senzo was founded with the vision of utilizing novel technologies, with a focus on enhanced sensitivity, to create mobile, point-of-care and self-testing products and devices with the ability to accurately, quickly, and cost-effectively conduct testing where healthcare professionals and patients need it most. Senzo is creating game-changing products and systems which bring testing to the patient, eliminating the need for the current slow, expensive central-lab testing paradigms.
About BioAdvance:
BioAdvance is an early-stage life sciences fund with a focus in the mid-Atlantic region, investing up to $1.5 million initially and up to $5 million over the lifetime of companies with the potential to significantly improve human health. www.bioadvance.com.
About Wellness Coaches:
Wellness Coaches is one of the largest and most-experienced tech-enabled wellness, nutrition, clinical, and injury prevention service providers, utilizing both onsite and virtual expertise to help communities and organizations increase engagement, improve population health, mitigate safety risks, and reduce healthcare and workers' compensation costs. www.wcusa.com.
For more information, visit https://www.senzo.com.
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Alex Mohacs
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Original Source: Senzo Secures Additional $1.9MM Equity Funding for Its PCR-Accurate Lateral Flow Test
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