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MBio Diagnostics Raises Additional $6M in Series B Funding Round

NEW YORK (GenomeWeb) – Startup MBio Diagnostics announced today that it has raised an additional $6 million in a Series B round.

The funding will help refine MBio's Array platform and improve manufacturing as the firm scales up to support its commercialization partners, the company said.

Veterinary diagnostic firm Heska led the current round of funding and was joined by existing and new undisclosed investors. MBio previously raised $6.3 million in Series B financing and in 2016 offered $2.3 million in stock and warrant units in a private placement.

MBio's Array System is a portable multiplex reader that provides results in 20 minutes or less by employing low-cost disposable "load-and-go" cartridges. According to MBio, the tool uses "LightDeck" planar waveguide technology that eliminates sample prep and can be designed to detect proteins, cells, nucleic acids, and small molecules.

Boulder, Colorado-based MBio envisions using its platform in medical and veterinary diagnostics, food safety testing, and environmental monitoring.

"This funding enables growth driven by our veterinary partner Heska, our recently launched water quality tests, and a portfolio of clinical testing partners," MBio Diagnostics CEO Chris Myatt said in a statement.