MeMed Ltd, a company involved in host response-based diagnostic solutions, announced yesterday that it has received EUR2.5m in non-dilutive funding from the European Innovation Council (EIC).
The EIC Accelerator award supports small and medium-sized firms with breakthrough innovations and the potential to create new markets or redefine present ones globally. Out of less than 5% of applicants chosen for the award, MeMed will also receive accompanying services that the EIC offers to winners scale their businesses more quickly and bring disruptive technologies to market.
MeMed is translating the immune system's complex signals into simple diagnostic insights. The company's first-in-class, immune-based protein signature MeMed BV distinguishes between bacterial and viral infections, supporting physicians in their efforts to rapidly and accurately determine whether antibiotic treatment is appropriate. MeMed BV runs within minutes on MeMed Key, a platform that measures multiple proteins with central lab precision.
The funding will be used to accelerate expansion of MeMed BV's applicability to include minimally invasive capillary blood samples. This will pave the way to expanding the test's suitability across increasingly diverse clinical settings. It will also be used to fast-track the generation of additional, real-world evidence to further validate MeMed BV's clinical utility. The supplementary real-world evidence is to increase the already available, unprecedented level of high-quality clinical data on MeMed BV from more than 15,000 patients and multinational, double-blind clinical studies, which have been published in leading peer-reviewed journals (including The Lancet Infectious Diseases, Pediatrics, PLOS One and BMJ Paediatrics).
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