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Sight Diagnostics received the CE Mark last year for its OLO system, which uses digital microscopy to visually analyze cell types by size, shape, count and morphology, from a few drops of blood during a single office visit. The technology has been used to screen over 600,000 samples for malaria infections and will now be adding complete blood count testing to its system. Sight Diagnostics has raised US$27.8 million to continue its global commercial expansion, fund regulatory efforts and support its research and development.
Magnolia Medical Technologies’ Steripath Gen2 Initial Specimen Diversion Device aims to reduce sample contamination during patient blood draws, which lead to inaccurate laboratory test results. The company has raised US$20 million in venture capital funding to help scale up production.
Tyto Care makes telehealth equipment for at-home doctor’s exams. These hand-held, modular tools are used to examine the heart, lungs, skin, ears, throat, abdomen, and body temperature, and sends the information remotely to a clinician. Tyto Care has raised an additional US$9 million, bringing its Series C round to a total of US$33.5 million. The company plans to use the funds to expand into remote and rural communities in the USA, Europe, Japan and China through strategic partnerships.
Butterfly Network has raised US$250 million in series D financing to fund the manufacturing and shipping of its hand-held ultrasound devices. Its Butterfly iQ device is a pocket-sized ultrasound transducer that is plugged into an iPhone, and it received FDA approval in October 2017 for 13 applications. The iQ system is priced at less than US$2,000, compared to traditional machines that range between US$25,000 to US$250,000.
In the latest round of tarriffs in the US-China trade war, nearly all U.S. medical devices exported to China are affected. Furthermore, China has also threatened to impose extra, unspecified, non-tariff barriers such as slower regulatory approvals and possible investigations into company operations within the country.
Orion is set to sell its diagnostic unit to private equity group Axcel Management for around US$200 million upfront. The deal will give Axcel control of a portfolio of in vitro diagnostics and point-of-care testing systems that generated sales of $66 million last year.