For years, we've known about how antibiotic resistant infections can damage our bodies and lead to huge expenses across the health care ecosystem. An Austin company is hoping to make a big difference on this front.
Pattern Bioscience Inc. uses single-cell microbiology technology that doesn't require lengthy timeframes for bacteria to culture and quickly gives doctors the information they need to prescribe effective antibiotics. The company's initial targets are for critically ill patients with pneumonia and bacteremia, which is a form of bacteria in the bloodstream.
Today, the Austin-based company announced it has raised a $28.7 million series C funding round to continue developing its rapid phenotypic test platform, conduct clinical studies and submit its pneumonia tests for regulatory review with the U.S. Food and Drug Administration.
The new round was led by Bay Area firm Illumina Ventures and Dallas-based Omnimed Capital, and included participation from the Antimicrobial Resistance Action Fund and Daleshaw Ltd. Illumina also led the company's $9 million B-1 round in 2020, and Omnimed led its $6.4 million series B earlier that year. Then, in 2021, the company was granted breakthrough device designation from the FDA.
"Pattern Bioscience’s system will rapidly identify the pathogen causing an infection and provide clear guidance about the best antibiotic to treat the patient," stated Nick Naclerio, founding partner of Illumina Ventures. "I am enthusiastic about the impact they will have on patient outcomes and the global antibiotic resistance threat."
Pattern, led by co-founder and CEO Nick Arab, has now raised a total of $68 million since its founding in 2016.
The company, which has a 12,000-square-foot office at the Great Hills Plaza building near the Arboretum, employs 51 people, 46 of whom are based in Austin, and it plans to roughly double its headcount over the next one to two years.
Pattern exemplifies the kind of promising, young life sciences companies that are adding jobs, attracting investment and expanding in Austin — a trend that could reshape parts of the local economy. Employment in the sector is expected to climb at a rate of 6.5% per year through 2025, according to a 2022 report from real estate firm Newmark Group Inc.
