Nadmed Raises €3.5M in Series A Funding Round

Original from: 360dx

Finnish biotech startup Nadmed said on Thursday that it has raised €3.5 million ($3.9 million) in a Series A financing round.​

The round was led by Nordic Science Investments with participation from Voima Ventures, the University of Helsinki Funds, and private European investors as well as a grant from Business Finland.

The Helsinki-based firm said that the money will support the commercialization in the US and other international markets of its proprietary testing technologies for the identification of nicotinamide adenine dinucleotide (NAD) metabolite deficiencies, which have been linked with age-related degenerative conditions including cancers and metabolic, cardiac, and neurodegenerative diseases. The firm's blood tests are used to identify imbalances of NADs, which are bodily forms of vitamin B3, and the antioxidant glutathione.

"This investment will enable us to bring new capabilities to diagnostics, therapy monitoring, personalized medicine, and advancement of metabolic science for the benefit of mankind," Nadmed CEO Jari Närhi said in a statement.

The company secured in 2022 CE-IVD marking for its Q-Nadmed kit for the analysis of oxidized and reduced levels of NAD metabolites using a cyclic enzymatic reaction and colorimetric detection.

The firm said on Thursday that identifying NAD concentrations can inform vitamin B3 supplementation therapies, noting such therapies have shown promise in patients with conditions including Parkinson's disease, glaucoma, and mitochondrial myopathy. It added that measuring NAD levels may aid investigations into unexplained fatigue, muscle weakness, long COVID, and unexpected side effects of pharmaceutical treatments, although other factors such as poor diet and post-inflammatory status also may contribute to decreased NAD levels.

Nordic Science Investments partner Alexandra Gylfe added that the company plans to leverage its science and biotech networks in the US to support Nadmed's explanation into the US testing market. Nadmed noted that it has customers in 27 countries including Synlab, Newcastle University, the US National Institutes of Health, and Clene Nanomedicine.​

Source: Nadmed Raises €3.5M in Series A Funding Round