US-based health technology investment firm Hamershlag Private Capital Management (HPCM) has made a $150.15m venture investment in Patho Care.
The transaction is structured as an acquisition and recapitalisation, combining newly issued common stock and cash through PathoCare Holdings.
PathoCare Holdings is a newly formed investment and acquisition vehicle created to facilitate HPCM’s current and future investments and into PathoCare.
Patho Care is a healthcare company focused on non-invasive point-of-care diagnostic tests.
Its advanced Raman spectroscopy-based testing platform is protected by 17 patents.
The technology enables rapid, non-invasive, and cost-effective diagnostic tests, addressing critical limitations in traditional diagnostics.
Hamershlag Private Capital Management chairman Mychal Jefferson said: “Patho Care is a distinguished leader in healthcare diagnostics through the utilisation of a novel approach with spectroscopy and this investment aligns with HPCM’s strategy of partnering with high-potential companies in dynamic industries.
“Our commitment to delivering transformative value through innovative investments underscores our confidence in PathoCare’s vision and capabilities.”
According to PathoCare, the current testing systems are primarily chemical-based processes and require swabs, reagents, and equipment to produce test results in several hours to days.
Its POCT (point-of-care-testing) devices are programmable, mobile, accurate and reusable for the detection and characterisation of any respiratory infection.
The system uses adaptive artificial intelligence to further increase the accuracy of its results via spectral diagnostic and LDT testing confirmation models, said PathoCare.
The transaction is designed to help Patho Care complete the repayment of its existing financial obligations and expand its operations and market position.
The diagnostics provider will use the investment to widen its service offerings, enhance operational efficiencies, and advance in key areas of diagnostics testing.
