Europe

The firm will use funds from the round, led by the Midlands Engine Investment Fund, to develop its optical point-of-care diagnostic testing platform.

The company signed a distribution agreement in Japan for its Idylla products and also initiated a listing of €150 million in unsecured convertible bonds.

JP Morgan noted that it sees potential for new management to "reset the bar" and as such thinks the "worst is in the rearview for Qiagen."

The German molecular diagnostics firm is preparing for its merger with US-based OpGen, which is slated to close in the first quarter of next year.

The company said it will use the funds to accelerate expansion of its MeMed BV test, which distinguishes between bacterial and viral infections.

The Paige Prostate solution and Insight viewer are vendor-neutral and allow pathologists to view whole digitized slides from different sites and scanners.

The company said revenues declined primarily as a result of adjustments in accounts receivable, payor mix, and the timing of test kit collections.

The tubes and collection kits meet the requirements of the European In-Vitro Diagnostic Devices Directive, and the company can now commercialize the devices throughout Europe.