DISPOSABLE DIAGNOSTIC TESTSThis is another profile of a private biotech company thatpresented itself to venture capitalists attending the Mid-Atlantic Venture Fair '91 in Baltimore.
ActiMed Laboratories Inc.
The Mt. Laurel, N.J., company is developing single-use,disposable diagnostic tests.
ActiMed has developed advanced prototypes of a totalcholesterol test for consumers and a full lipid panel (totalcholesterol, HDL and triglycerides) for doctors, and plans tofile for Food and Drug Administration approval in the first halfof 1992, said Gerhard Ertinghausen, ActiMed president andchief executive officer.
The 5-10K application would seek approval of the device assubstantially equivalent to existing products. "Our device willbe able to do both enzymatic tests and immunoassay tests,"Ertinghausen told BioWorld. ActiMed will soon be issued apatent for its technology, he said.
ActiMed estimated a potential $500 million worldwide marketfor non-instrumented lipid and therapeutic drug tests, withhalf the market in the United States.
First-round financing of $1.5 million in January came from 3iVentures Corp., S.R. One Ltd. and Commonwealth BioventuresInc. ActiMed will seek $2 million to $3 million in a secondround in the second quarter of 1992 to fund operations,acquisition of manufacturing equipment, working capital andproduct launch, Ertinghausen said. -- Kris Herbst
(c) 1997 American Health Consultants. All rights reserved.