News & Announcements
University System of Maryland Momentum Fund Invests in Astek Diagnostics, Joins Wexford SciTech Fund, Ayana Capital, and Other Leading Investors
June 6, 2023
Astek, a Medical Device Company, Commercializing a Bacterial Infection Detection Technology
Baltimore, Md. (June 6, 2023) – Astek Diagnostics, Inc. ("Astek"), a Baltimore-based medical device company, announced today that it closed a seed funding round to support its development of a tabletop device to rapidly detect urinary tract infections (UTIs) and antibiotic sensitivity. The round was led by the Wexford SciTech Venture Fund, with participation from the University System of Maryland (USM) Momentum Fund, Ayana Capital, TEDCO, and leading medtech angel investors.
“We’re excited to use this financing to drive our product forward,” said Chief Executive Officer and Founder, Mustafa Al-Adhami, PhD. “We’re grateful to have Wexford, the Momentum Fund, Ayana Capital, and our other investors join us as we work to improve patient care and health outcomes with our rapid diagnostic testing platform.”
UTIs affect 13 million Americans every year. The current standard of care is to begin antibiotics before antibiotic sensitivity information is available. The inappropriate use of antibiotics contributes to the rise in bacterial resistance and the increased risk of difficult to treat infections and sepsis. Astek's patented device provides point-of-care testing, accurately confirming antibiotic sensitivity of the infection. This aids in selecting an effective treatment and is crucial for avoiding complications from untreated or improperly treated UTIs.
“The Wexford SciTech Venture Fund was pleased to lead this funding round for Astek Diagnostics,” said Thomas Osha, executive vice president of Wexford Science and Technology, LLC and president of the Wexford SciTech Venture Fund. “Investing in Astek and their novel approach for early detection and accurate diagnosis means clinicians can identify and treat UTIs swiftly, preventing complications and reducing the burden on individuals and healthcare systems."
Read the full release from the Maryland Momentum Fund.