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More accommodating regulation and new funding may propel new diagnostics companies across the valley of death to commercial returns.
The company lowered its financial guidance for fiscal 2016, citing delays in recognizing fourth quarter revenue from its pharma services business.
The company said it will use the proceeds of the financing to continue the development of a technology platform and associated applications.
The company plans to use the proceeds to support research collaborations and to expand its commercial team.
The firm said it would use any net proceeds for R&D, working capital, and to potentially acquire other technologies or businesses.
ReadCoor is currently using its its technology to map neural circuits in the brain and has projects in the pipeline related to oncology and infectious disease.
As LDT developers await an FDA decision on potential new regulations and grapple with reimbursement issues, investors may be unwilling to deal with the uncertainty.
The company will use the funding to prepare for the 2017 launch of its DiagCore integrated molecular and immunoassay near-patient testing platform.