Proceeds from the loan facility will go toward the acquisition of Envigo's nonclinical research services business and other general corporate purposes.
Dubbed Automobi Molecular Diagnostics, the company will establish local manufacturing facilities and work to commercialize the Novodiag platform in China.
The company drew $49 from the credit facility to repay an earlier outstanding loan and expects to draw another $27 million to, in part, pay for its acquisition of GenePOC.
The firm plans to use proceeds to fund commercial activities related to its ClonoSeq assay, as well as research into drug discovery and its project to map TCR antigens.
The digital pathology system can be used for primary diagnosis as a result of the 510(k) clearance, which followed a multicenter study conducted at five clinical sites.
The immunoassays are are indicated for the quantitative determination of IgM RF antibodies and the semi-quantitative determination of IgA RF antibodies.
Invitae will perform genetic testing using a 58-gene panel and Horizon will provide financial support for the program aimed at improving diagnosis of the rare condition.
The companies will work together first to develop a companion diagnostic for Bayer's TRK inhibitor larotrectinib, with opportunities to expand to other drugs and drug candidates thereafter.
The test, called ColoPlex and being developed using the xMAP technology, is a blood test that uses multiplexed immunoassay technology and machine learning.
Product sales from OEM customers were up 28 percent, while product sales from direct customers and distributors increased 27 percent, and other revenues grew sharply.
