NEW YORK – Specialty finance firm Oxford Finance announced on Wednesday that it has closed a $30 million senior secured term loan with antibiotic resistance diagnostic company Selux Diagnostics.
Proceeds from the deal will fund the commercialization of the Selux Next-Generation Phenotyping rapid antimicrobial susceptibility testing platform. The platform is intended to increase "the speed and accuracy with which targeted, personalized antibiotic therapies can be prescribed," Oxford Finance said in a statement.
The fully automated platform would provide high-throughput antibiotic susceptibility results in less than 24 hours for up to 50 antibiotics in parallel. The Boston-based firm's technology differentiates between antibiotic-induced bacterial growth modes using biochemical assays and artificial intelligence.
In March, the company closed a $50 million Series C financing round to support the commercial launch of its system, partially by building out its commercial team. It has also received multiple milestone-based payments from the US Department of Health and Human Services' Biomedical Advanced Research and Development Authority, most recently a $14.6 million award after completing a clinical trial for the platform.