MeMed Raises Over $70 Million to Advance Pioneering Point-Of-Care Platform and Immune-Based Test for Distinguishing Bacterial Versus Viral Infections

Haifa, Israel (ots/PRNewswire) -

Round includes leading international investors, further
solidifying MeMed's leadership in host-based diagnostics

MeMed today announced the completion of a new round of financing
totaling over $70 million, with participation from new and existing
investors including Ping An Global Voyager Fund, Foxconn, Caesarea
Medical Holdings, Clal Insurance, Phoenix Insurance, OurCrowd, Social
Capital, WTI, Horizons Ventures, and high-net-worth executives
renowned for early investments in industry-changing companies.

(Logo: http://mma.prnewswire.com/media/451805/MeMed_Ltd_Logo.jpg )

MeMed will use the proceeds to advance in three areas: (i) Market
adoption of MeMed BV(TM), a breakthrough immune-system based test for
distinguishing between bacterial and viral infections, while
continuing to generate an unprecedented level of clinical evidence
validating test performance; (ii) Complete development, upscale
manufacturing and clearance of MeMed Key(TM), a pioneering
point-of-care (POC) protein measurement platform; and (iii) Expand
its pipeline of innovative tests that integrate machine learning and
immune-based measurements to tackle big clinical challenges.

Dr. Eran Eden, MeMed's co-founder and CEO said, "The overwhelming
enthusiasm to participate in the latest round reflects the vast
clinical challenge and huge market opportunity our technology
addresses. For nearly a decade, with leading academic and commercial
partners, we've developed MeMed BV(TM), and then generated high
quality double-blind clinical evidence to validate it. When measured
on MeMed Key(TM) and on other platforms, MeMed BV(TM) has the
potential to serve as a valuable tool in the fight against resistant
bacteria - one of the biggest healthcare challenges of our time. The
additional funds, and the significant support we are receiving from
the U.S. government and EU commission, solidify MeMed as a global
leader in the space of host-based diagnostics of infectious and
inflammatory disorders."

"These resources will expedite the final development phases,
clearance and manufacturing of the pioneering MeMed Key(TM) platform,
which will run the MeMed BV(TM) test in minutes," said Dr. Kfir Oved,
MeMed's co-founder and CTO. "Importantly, the MeMed Key(TM) platform
opens the way to central lab precision at the point-of-care. It will
allow measurement of multiple other proteins and signatures, both
conventional and new, that currently are only measurable in the
central lab. This unlocks enormous value in diagnosing and managing
patients across a wide range of other diseases."

Dr. Marco Huesch, Chief Medical Officer, Ping An Voyager Fund, and
former Assoc Prof. and Chief, Division of Radiology Innovation and
Value Enhancement at Penn State Medical Center, said, "This exciting
innovation will greatly enhance diagnostic and therapeutic confidence
among physicians and their patients when faced with distinguishing
bacterial from viral infections. Beyond profoundly benefiting
individual patients, this groundbreaking technology will address
antibiotic overuse within the broader population and contribute to
reducing the growing burden of antibiotic resistance."

About MeMed

Our mission is to translate the complex signals of our immune
system into simple diagnostic insights that transform the way we
treat infectious and inflammatory diseases - at the right place and
the right time. Over nearly a decade, with collaborators around the
globe, MeMed has developed and validated a pioneering immune-based
protein signature called MeMed BV(TM) for distinguishing between
bacterial and viral infections - an indispensable tool in the fight
against resistant strains of bacteria - one of the biggest healthcare
challenges of our time. An ELISA format of MeMed BV(TM), called
ImmunoXpert(TM), is cleared for use in the EU (CE-IVD), Switzerland
and Israel and is currently in pilot distribution in these
territories. MeMed is also developing MeMed Key(TM), a groundbreaking
platform that opens the way to measuring multiple proteins and
signatures, conventional and innovative, with central lab precision
at the point-of-care. MeMed Key(TM) will measure MeMed BV(TM) within
minutes. Today, we are expanding our network of partnerships with
internationally renowned academic, commercial and government
stakeholders to advance, validate and facilitate global availability
of our platform and tests. For additional information, please visit
http://www.me-med.com.

Company Contacts:

Tanya Gottlieb, VP Scientific Affairs, MeMed

Phone: +972-4-8500302

tanya.gottlieb@me-med.com

Kfir Emmer, Director of Finance, MeMed

Phone: +972-4-8500302

kfir.emmer@me-med.com

Media Contact:

Kirsten Thomas, The Ruth Group

Phone: +1-508-280-6592

kthomas@theruthgroup.com

ots Originaltext: MeMed Ltd
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