NEW YORK ─ Zurich-based Achiko on Wednesday announced the completion of a $1.3 million financing from strategic investors.
The financing consists of a $260,000 loan facility from Swiss investment firm Buranto, with the full amount drawn immediately, and $1.04 million from United Arab Emirates-based investment company Negma Group, with an immediate financing of $520,000 and the balance to be drawn within the next 60 days.
Achiko added that the new financing follows a marketing and sales agreement with the Islamic organization Pengurus Wilayah Nahdlatul Ulama DKI Jakarta.
Steven Goh, CEO of Achiko, said in a statement that the financing positions the firm "to drive sales" in an environment in which "COVID-19 is going to be with us a long time."
Last week, the company announced that it had obtained the CE mark for its COVID-19 AptameX saliva-based test and system, which uses a DNA aptamer instead of an antibody to detect the virus.
Funds from the financing will support production of AptameX in Indonesia and the initiation of production in Taiwan.
In connection with the financing, Derek Brandt, co-owner of Buranto, will join Achiko's advisory board.