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private financing

The firm will sell 855,000 shares of its common stock to three investors. It will also sell warrants to the same investors.

The rapid point-of-care diagnostics company anticipates receiving CE marking for its breast cancer test by March and launching it in India shortly afterward. 

The firm will use the investment to launch its breath biomarker R&D services and fund clinical trials.

With the additional funds, the company has raised a total of $55 million in the round.

The company is eyeing a launch of its HIV test in additional geographies, as well as the launch of its hCG test in 2017.

The firm said that the system is unique because it consists of cell, immunoassay, and nucleic acid tests within one platform.   

The firm offered a qualitative assessment of third quarter business activities, and announced a private placement and a US distribution deal with Thermo Fisher.

The firm is building an antibody-based immune system-related protein biomarker test for stroke diagnosis in both community and academic hospitals.

The developer has presented clinical results that provide a base for completing development of a multi-protein test kit and conducting a clinical trial in advance of FDA submission.  

The company said it plans to use the proceeds of the offering for general corporate purposes.