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private financing

The company offers products and services for analyzing, interpreting, and reporting clinical next-generation sequencing data with a focus on cancer.

The company has used a portion of the new facility to pay back existing debt to the bank, as well as a final payment designated in the parties' earlier loan agreement.

The firm said that the second tranche is part of the financing provided by Ampersand Capital for the $23.5 million acquisition of Cancer Genetics' biopharma business earlier this year.

Specific Diagnostics said it plans to apply CE marking to the Reveal system next year, followed by submission to the FDA for 510(k) clearance. 

The company was originally founded as a spinoff from Korean genomic services provider Macrogen to offer direct-to-consumer genomic rare disease screening tests.

The company said the money from the transactions will help it boost adoption of its ConfirmMDx and SelectMDx prostate cancer tests with urologists and payors.

The company, founded in May 2018 and headquartered in Guangzhou in southern China, has developed a CRISPR-based rapid diagnostics platform for pathogen detection.

The in vitro diagnostic company said it would use the financing to commercialize its antibiotic susceptibility platform called Reveal. 

The firm said it anticipates using the loan proceeds to fund its pursuit of corporate priorities, including broadening its product portfolio and geographic reach.

The company, founded earlier this year, is developing a technology for the detection of low-frequency genetic mutations for diagnostic applications.

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