POCARED Diagnostics Secures $ 50 Million Commitment From GEM As Company Plans To Go Public Through SPAC Merger
REHOVOT, Israel, July 1, 2021 / PRNewswire / – POCARED announced that it has signed an agreement with GEM Global Yield LLC SCS (“GEM”), on Luxembourg private alternative investment group to provide POCARED with up to $ 50 million over a period of 36 months following a public listing of the ordinary shares of POCARED. POCARED will control the timing and maximum amount of withdrawals under this facility and has no minimum withdrawal obligation. Along with a public listing of POCARED shares, POCARED will issue subscription warrants to GEM to purchase up to 5% of the company’s ordinary shares.
POCARED Diagnostics Ltd (POCARED) is poised to revolutionize infectious disease diagnostics by introducing the world’s fastest turnaround time. The POCARED test will, for the first time, enable optimal, evidence-based patient treatment and offer a revolutionary tool in the fight against antimicrobial resistance (AMR). Infectious diseases and antimicrobial resistance are increasing as new diseases continue to emerge. Microbiology WITHOUT POCARED CULTURE ® The system will provide a complete response within hours of receiving a clinical sample at the lab versus the few days it currently requires.
POCARED will use the funds to complete the development of its technology and commercialize its system.
“We are honored to have been selected by the GEM Group to receive this investment, which allows us to accelerate the development of our system. The POCARED P-1000 system ® provide clinicians with real-time results to optimize treatment of infections. For the first time, clinicians will have all the information they need to prescribe the most effective antibiotic treatment. This will save patients unnecessary suffering while reducing total health care costs and helping to control overuse of antibiotics, “says Jonathan gurfinkel, President and CEO of the company.
“This investment and funding from the GEM Group will enable our talented and dedicated POCARED team to achieve their ultimate goal of transforming the diagnosis of infectious diseases. Our system will provide microbiology laboratories with much faster screening and organism identification / sensitivity results, which will dramatically improve laboratory productivity. , and provide clinicians with important and timely information that will help them target therapies and demonstrably improve health outcomes. »Said Ed ludwig, president of the company.
The first menu items on the system will be urinary diagnostics including antimicrobial results within 5 hours of receipt at the lab. Other types of samples will follow quickly to cover the full spectrum of infectious diseases.
About the GEM group
Global Emerging Markets (“GEM”) is a $ 3.4 billion, an alternative investment group with offices in Paris, new York, Nassau (Bahamas) and Los Angeles. GEM manages a diverse set of investment vehicles focused on emerging markets and has completed more than 440 transactions in 70 countries. Each investment vehicle has a different degree of operational control, risk-adjusted return and liquidity profile. The family of funds and investment vehicles provides GEM and its partners with exposure to: buyouts of small and mid-cap companies, private investments in public equities and certain risky investments. For more information: http://www.gemny.com
About the company
POCARED Diagnostics Ltd, is an in vitro diagnostic and pre-analysis company using cutting edge technologies to deliver next generation platforms. POCARED’s CULTURE-FREE Microbiology® technology revolutionizes the diagnosis and practice of infectious diseases with automated results in real time. This saves several critical days in reporting compared to current practices.
For more information, please send an email [email protected] or contact Yael Katzir-sample
Phone. : + 972-8-6999781
SOURCE POCARED Diagnostics Ltd