Diag-Nose.io raises $3.2m
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The news: Melbourne-based biotechnology company Diag-Nose.io Medical (DNM) has raised $3.15 million to advance its respiratory disease diagnostic platform.
The numbers: As part of this funding round, Breakthrough Victoria has invested $800,000 to support the company's development of precision diagnostic and drug discovery solutions for chronic respiratory diseases.
Globally, chronic respiratory diseases affect more than 450 million people and caused approximately four million deaths in 2019. Current treatments for severe chronic respiratory diseases have failure rates exceeding 30%.
The context: The startup has developed RhinoMAP — its flagship product that uses proprietary protein chemistry and artificial intelligence to map biological subtypes of chronic respiratory disorders.
The company's technology analyses nasal samples collected through its patented nasal liquid biopsy device to determine disease progression and therapeutic responsiveness. DNM is initially focusing on research applications to generate data for future clinical applications.
The startup was founded in 2020 and originally established at the Stanford ENT Innovation Program.
What they said: "Together with the new biologics medicines, our RhinoMAP platform will bring us one step closer towards the holy grail of respiratory medicine; helping patients become completely free of symptoms," said Diag-Nose.io chief executive Eldin Rostom.
Breakthrough Victoria acting-CEO Lauren Morrey: "Our investment in Diag-Nose.io reflects our commitment to supporting groundbreaking technologies that could make a profound difference to patient outcomes and streamline drug development".
The source: Breakthrough Victoria Press Releae
