nanoMR Inc., an early-stage life sciences company based in Albuquerque, New Mexico, has announced that it has raised $13 million in Series B venture capital to support commercializing a device that rapidly diagnoses bacteria in blood. Excel Venture Management reportedly led the round, joined by Healthcare Ventures, and existing investors, including vSpring Capital and Sun Mountain Capital.
Based on cooperative research by the University of New Mexico and an Albuquerque company specializing in magnetic resonance imaging, the device is being developed to allow bacteria detection in less than two hours, compared to 24-48 hours for typical laboratory tests, according to a news source. Tiny magnetic beads are reportedly attached to antibodies that embed themselves on potentially infected cells, which are processed through the device to monitor the beads’ emissions.
“nanoMR is today demonstrating to the market that it is capable of detecting bacteria in minutes instead of days, with the potential of saving hundreds of thousands of lives in the process,” vSpring Capital’s managing director Dinesh Patel said. See nanoMR Press Release and New Mexico Business Weekly, July 19, 2011.