Akonni Biosystems, a molecular diagnostics company that develops, manufactures and markets microarray-based systems for infectious disease and genetic testing, has received a $200,000 investment from the Maryland Department of Business and Economic Development (DBED).
The investment will be made through DBED’s Challenge Investment Program, which is designed to assist startup companies in the high-tech and life sciences industries.
“Akonni is delighted to accept this investment from the DBED, a source of funds that will help us accelerate the build-out of our manufacturing capabilities and accelerate our path through the FDA approval process,” said Charles Daitch, CEO of Akonni Biosystems “With the increasing threat to human health from highly infectious diseases like respiratory viruses, MDR-TB, and hospital acquired infections like MRSA, it is extremely important that products like Akonni’s TruDiagnosis system enter the market, with the goal of lowering disease transmission rates and reducing healthcare expenditures through more efficient patient isolation, triage and more timely and proper prescription of therapeutics.”
Akonni’s TruDiagnosis system enables accurate, rapid and highly affordable molecular-based testing for infectious and other human diseases. Its first products include assays for detecting the most common upper respiratory infections and multi-drug-resistant tuberculosis.
Founded in 2003, the company is a graduate of the Frederick Innovative Technology Center and recently moved to a newly renovated, 11,000 square foot manufacturing and product development laboratory in downtown Frederick.
According to the 2007 Washington G-2 Report on business strategies for molecular diagnostics in the lab, the U.S. molecular diagnostic testing market represents the fastest-growing and most-profitable area of the U.S.’ $51.7 billion clinical laboratory industry. The report valued the molecular diagnostics market in the United States at $4.1 billion in 2007 and estimates that it will continue to grow by roughly 19 percent annually for the next three years.
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