Philadelphia Business Journal: Senzo Secures $2m Investment for Diagnostic Test Innovation

https://www.bizjournals.com/philadelphia/news/2022/07/21/senzo-diagnostic-tests-2m-bioadvance-philadelphia.html

Jul 21, 2022, 12:31pm EDT

SENZO

Senzo's lateral flow diagnostic test for at-home and professional use.

Senzo, a Philadelphia-based diagnostic technology company, raised $2 million in an equity funding round to advance its testing platform targeting Covid-19 and other infections.

The pre-Series A financing was led by BioAdvance, a life sciences venture capital firm based in Radnor. Also participating was Blue Bell-based Wellness Coaches, a national provider of health and wellness services including point-of-care diagnostics testing to public and private organizations. 

Senzo in May announced it had achieved 100% accuracy with its amplified lateral flow (ALF) Covid-19 antigen test. Senzo's test does not require any equipment or readers, which allows it to be inexpensive and simple to use. Test results are typically available in under 10 minutes. 

Jeremy Stackawitz, Senzo's CEO, said the company plans to leverage its ALF technology across more infectious diseases where central lab testing is currently required.

The proceeds from the financing will be used to continue work on the company's diagnostic tests for at-home and professional use in applications such as influenza, HIV, tuberculosis, strep throat, hepatitis C, and sexually transmitted infections. Those tests, the company noted, are usually diagnosed in central laboratories through a testing process that can be slow, expensive, and cumbersome.

“Our vision at Senzo is to make the diagnosis of disease as fast, simple, inexpensive, and accurate as taking a temperature or blood pressure reading,” Stackawitz said. “The COVID-19 pandemic has demonstrated the potential for accurate point-of-care diagnostics. Our ALF technology converts that potential to reality in myriad applications where more and earlier diagnosis results in better patient outcomes, and more timely and cost-effective patient care.”

Dr. Gregory Harriman, a BioAdvance partner, said BioAdvance invests in promising life science companies with technologies that have the potential to significantly improve human health. "Senzo’s technology offers [the potential] to fundamentally advance early diagnosis and intervention for important diseases," Harriman said.

BioAdvance was originally established in 2003 as the operator of the state-backed Biotechnology Greenhouse of Southeastern Pennsylvania, but now operates independently of state funding. Since its inception, it has invested more than $50 million in about 100 companies that have developed more than 160 diagnostic, therapeutic, medtech, research and digital health products.

Kristopher Wood, president of Wellness Coaches, said the company intends to bring Senzo's tests to its corporate and private partners for use with their clients.

Senzo, in addition to marketing its diagnostic products on its own, plans to pursue industry partnerships across research and development, manufacturing and commercialization.

John George

Senior Reporter

Philadelphia Business Journal