Cytovale Secures $84 Million Series C to Advance Commercialization of Transformative Sepsis Diagnostic Tool
SAN FRANCISCO, Nov. 15, 2023 /PRNewswire/ -- Cytovale®, a commercial-stage medical diagnostics company focused on advancing early detection technologies to diagnose fast-moving and immune-mediated diseases, today announced it has raised $84 million in Series C funding led by Norwest Venture Partners with participation by additional new investors Sands Capital and Global Health Investment Corporation (GHIC). The financing included participation from other new and existing investors, as well as the conversion of bridge notes. Cytovale will use the proceeds to bring its recently FDA-cleared rapid sepsis diagnosis test – IntelliSep® – to more hospital emergency departments (ED) and health systems in the United States, addressing historical diagnosis lag time that makes sepsis the leading cause of death in U.S. hospitals.
- "Sepsis is a dangerous, fast-moving condition that can result in death if not identified and treated quickly," said Cytovale CEO Ajay Shah.
- "Our flagship diagnostic tool, IntelliSep, with a blood-to-answer time frame of under 10 minutes, helps healthcare providers recognize sepsis early and make critical, time-sensitive clinical decisions.
- Sepsis is the leading cause of death in U.S. hospitals, with more than one-third of all in-hospital deaths attributed to the condition.
- About 80% of sepsis patients present to the ED , where it can be difficult to discern from ordinary infections or other conditions that can mimic sepsis.