Coagulo Medical Technologies Announces $6.5 Million in Financing to Accelerate Delivery of Disruptive Coagulation Diagnostics Platform
CAMBRIDGE, Mass.–(BUSINESS WIRE)–Coagulo Medical Technologies, an MIT-born startup that has developed the world’s first precision-medicine platform for comprehensive and targeted blood clotting management, today announced it has raised $6.5 million in financing from 20/20 HealthCare Partners, Sands Capital, Good Growth Capital, IAG Capital Partners and private investors. The Boston area diagnostics innovator also announced that it has been awarded a Small Business Innovation Research (SBIR) grant by the National Science Foundation to accelerate delivery of breakthrough innovations amid the global COVID–19 public health crisis, which has called attention to the limitations of conventional coagulation tests.
Coagulo’s rapid, point-of-care device is a major advancement for personalized diagnosis and management of all coagulation-related diseases. The device is ultra-portable, requires just drops of blood and will provide vital, clinically-actionable information within 10 minutes. It leverages a proprietary and entirely novel approach to coagulation testing, which is capable of parsing through the entire coagulation cascade to pinpoint deficiency or inhibition of specific coagulation factors and quantifies their effect on clotting time
Current coagulation testing methods were developed over a half-century ago, provide only general information on blood clotting function and cannot identify the specific cause of a clotting abnormality. Outdated testing technology is akin to a generic check engine light, whereas Coagulo’s test is designed to isolate the issue down to a specific diagnostic code. “The device promises better health outcomes by permitting physicians to supplement clinical intuition with targeted information that they always wanted but no other technology could deliver,” said Dr. Galit Frydman, CSO and President of the company. “To be able to seamlessly deliver those comprehensive, sample-to-insight results using merely drops of blood, and to have that information within a clinically meaningful timeframe and at the bedside, will make Coagulo’s diagnostic platform a critical tool in meeting the ever-evolving challenges of coagulation management,” added Jarrod Niebloom, Coagulo’s CEO and Chairman of the Board of Directors. “No doubt the complex clotting issues that continue to be observed in patients with COVID–19 epitomize just how antiquated existing diagnostic tools are and how pressing the clinical need is.”
“Coagulo has developed a platform that directly responds to current medical needs and, further, will support traditional tests like prothrombin time and activated partial thromboplastin time,” said Hillel Bachrach, managing partner of 20/20 HealthCare Partners. “We are excited to invest in Coagulo and to help accelerate their path to market as they up-end an industry that has seen very little innovation for decades.”
20/20 HealthCare Partners, a global investment group based in Boston that invests at the early stage of technology and life science innovation, has led the investment.
Founded in 2018 and based out of Alexandria LaunchLabs, Coagulo licensed technology out of MIT and the Massachusetts General Hospital (MGH) developed by Dr. Galit Frydman, the company’s CSO and President, who also holds appointments in the Division of Trauma, Emergency Surgery and Surgical Critical Care at MGH and in the Center for Biomedical Engineering at MIT. Coagulo has developed the next-generation of rapid, ultra-portable and comprehensive diagnostics for the personalized diagnosis and management of all coagulation-related diseases. Coagulo’s point-of-care device is not yet approved or cleared by the U.S. Food and Drug Administration for marketing in the United States.