It might seem like the world has slowed down to a crawl amid the coronavirus (COVID-19) pandemic, but there are still some companies out there raising money. E25Bio is one of those companies â€“ bringing in $2 million in funding from Khosla Ventures.
The Cambridge, MA-based company develops technology for rapid diagnosis of dangerous infectious diseases such as dengue, zika, and now COVID-19. Financing will go toward research and development, clinical studies, and scaling the companyâ€™s launch for diagnostic tests upon receiving Emergency Use Authorization approval.
E25Bioâ€™s test is based on technology developed by Dr. Irene Bosch and Dr. Lee Gehrke, the Hermann von Helmholtz Professor of Health Sciences and Technology at MIT. The rapid diagnostic test uses nanoparticle technology to capture virus or viral proteins secreted into the human body.
â€œThe same way a hormone is detected on a pregnancy test, our diagnostics provide doctors and patients with results in 15 minutes or less,â€ Bosch, CTO of E25Bio, said in a release.
There are many quickly moving pieces in the COVID-19 outbreak. The diagnostics industry has been rolling out test after test â€“ and MD+DI has reported on these new in vitro diagnostics extensively. Some of the latest companies to grab EUA are Hologic and Quidel.
During President Trump and the Coronavirus Task Forceâ€™s most recent news conference, kudos were given to both Thermo Fisher Scientific and Roche, some of the first firms to win EUA for tests of the virus. The president also mentioned there would soon be big news coming out of his discussions with FDA.
â€œIâ€™m going to be holding a second news conference â€¦ weâ€™re going to talk about the FDA,â€ Trump said during the news conference. â€œSome things are happening that are quite exciting.â€