30 Sep Revolutionary Company PathogenDx Announces $7.5 Million In Series B Funding
PathogenDx, Inc., an innovator in DNA-based pathogen testing technology for cannabis, hemp, agriculture and food safety industries, announced Monday it has secured $7.5 million in Series B funding. The company was able to close this round of funding in just under three months.
Headquartered in Scottsdale, Ariz., PathogenDx’s mission is to become a standard-bearer in DNA-based testing through its advanced microarray testing platform. Earlier this year, the company announced a broader application of its proprietary technology for rapid strain identification of bacteria and fungi. PathogenDx’s technology can detect and identify up to 50 pathogens in a single test and deliver results in just six hours. That’s 12 times faster than the century-old practice of petri-dish testing.
The company’s DNA-testing products – DetectX™, QuantX™, and EnviroX™– detect, identify and quantify pathogens lurking in cannabis crops, like E. Coli, salmonella and aspergillus. This technology will help growing cannabusinesses deliver safer products while preventing millions of dollars in losses from contaminated or spoiled crops.
With the Series B funding, the PathogenDx team will continue expanding its breakthrough technology into food, medical, and agriculture testing while continuing to build on its leadership position with its current portfolio of domestic and international clients in the cannabis industry. PathogenDx anticipates full federal approval of its technology by the first half of 2020.
PathogenDx technology can be applied in any industry where there is a need to test for pathogens for consumer safety. When we’re talking E. Coli or another outbreak, six hours versus 72 hours can be a matter of life and death.
“PathogenDx will provide significant contributions to medical testing technology in the coming years,” said Ramie A. Tritt MD, Managing Principal of Panther Opportunity Fund. “Microbes are becoming increasingly drug-resistant and playing a greater role in hospital-acquired infections and community-acquired respiratory infections. Innovative testing technologies like PathogenDx’s rapid and strain specific identification will allow medical facilities to better diagnose these infections and impede the spread of preventable illnesses.”
This latest investment round was led by Cresco Capital Partners with participation from Altitude Investment Management, Arcadian Investment Partners, Panther Opportunity Fund LLC, Salveo Capital, Flatiron Venture Partners and other investors.
“We saw great value investing in a company that improves the overall safety of the cannabis supply chain” said Jon Trauben from Altitude Investment Management. “With safety top of mind these days, backing a company that ensures clean cannabis provided a compelling opportunity to invest in a business that’s doing well by doing good.”
For more information on how you can utilize this simple, powerful and inexpensive DNA-based pathogen testing, visit www.pathogendx.com.