Kryptos Raises $10 Million in Series A Financing for Clinical Studies & FDA Approval for Molecular Diagnostics System
Kryptos Biotechnologies, Inc. - Diagnostic Solutions That Benefit Society
Strategic Investor, Osang Healthcare will partner with Kryptos Biotechnologies for the manufacturing and distribution of the product along with financing.
HAYWARD, CA, USA, April 4, 2024 /EINPresswire.com/ -- Biotech startup Kryptos Biotechnologies announced on March 28th that they have raised $10 million in Series A financing led by Osang Healthcare, a leading medical device company based out of South Korea that specializes in diagnostic biosensors and diagnostic assays - to further develop Kryptos’s flagship point-of-care molecular diagnostics system KuickTM. The funding will help advance the clinical study of the respiratory combo tests, which in turn will help receive FDA approval by 2025. Along with the financing, the company has entered into a strategic partnership with Osang Healthcare for the manufacturing and distribution of its product.
“We are thrilled to receive the trust and support of our strategic partner Osang Healthcare. This financing validates our commitment to fulfill the demand for point-of-care molecular diagnostics that is growing rapidly globally,” said Jinyong Lee, CEO and Co-founder of Kryptos Biotechnologies.
“Point-of-care testing requires comprehensive requirements in accuracy, speed, cost, and usability, and we are confident that the unique advantages of the Kuick system will satisfy those aspects.” Noted by Jun Ho Son, CTO and Co-founder of Kryptos Biotechnologies.
Using its core technology called Photothermal Heating, which creates heat by using light that generates heat and controls the temperature precisely, Kryptos developed a new PCR technology called Ultrafast Photonic PCR. Combining the Ultrafast Photonic PCR with a fully integrated sample preparation workflow, Kryptos designed the sample-to-answer molecular diagnostics system called Kuick. The system delivers a test result in about 20 minutes while ensuring lab-comparable or even better diagnostic results by using solid-phase extraction coupled with multiplexed real-time Ultrafast Photonic PCR in the low-cost disposable cartridge.
The general practice of molecular diagnostics is sub-optimal in that it usually takes 1 - 3 days from sample collection to get the result because the test must be done in microbiology labs away from the sample collection site. Since the COVID-19 pandemic, the demand for fast point-of-care molecular diagnostics has grown exponentially, but the technology hasn’t changed as rapidly. The Kuick system has been developed to deliver a test result in about 20 minutes by 1 minute of user handling and aims to democratize molecular diagnostics for decentralized clinics, which exist more than 100,000 in the US. For more information, please visit https://kryptosbio.com/
About Osang Healthcare:
OHC is dedicated to addressing emerging diagnostic needs through innovative testing solutions across all settings, encompassing rapid at-home testing to point-of-care (POC) and lab-based molecular systems.
Established in 1996, OHC has maintained a leading position in the in vitro diagnostic (IVD) industry and is publicly listed. Our commitment extends to expanding our portfolio of POC medical devices, which includes glucose, ketone, cholesterol, and A1c analyzers for chronic illnesses, as well as COVID-19 & Flu Combo and Dengue rapid tests for infectious diseases.
Recognized for our global presence, OHC exports diagnostics to over 110 countries worldwide. For more information, please visit http://www.osanghc.com/en/home_en/ or contact Inhee Choi, PR for OHC at cih@osanghc.com.
About Kryptos Biotechnologies:
Founded in 2017, Kryptos Biotechnologies is a Life Science startup based in the Bay Area, California. Kryptos' technology, called photothermal heating, uses light to generate heat and control temperature for various types of molecular diagnostic devices and life science instruments. Their diagnostics systems enable clinicians to make the right treatment decision in less time by providing a PCR-based point-of-care molecular diagnostic system that gives a sample-to-answer in 20 minutes while ensuring the same level of accuracy with lab systems. Please visit https://kryptosbio.com/ for more information or contact Sonia Awan, PR for Kryptos at soniaawan@outbloom.net
Sonia Awan
Outbloom Public Relations
soniaawanpr@gmail.com
Visit us on social media:
LinkedIn
EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.
