The company said it will use the funding to continue development of its computational technologies, biomarkers, and diagnostics, as well as for new hires.
The funding will be used to validate the Simplexa COVID-19 Direct kit and Simplexa COVID-19 & Flu A/B Direct kit and to submit them to the FDA for 510(k) clearance.
The company also projected full year 2020 revenue of between $84 million and 86 million and said that its instrument install base grew 34 percent over the year.
Qiagen discussed what's in store after a failed bid by Thermo Fisher Scientific, and COVID-19 remained a hot topic on the second day of the virtual conference.
The partners will use PacBio's HiFi sequencing to develop assays for carrier screening, evaluating immune system responses, and diagnosing heritable diseases.
The lateral flow test can be used at the point of care and provides results within 15 minutes without the need for additional equipment, the company said.
The firm is projecting COVID-19 testing revenues of $865 million in the recently completed quarter, including $685 million in Veritor immunoassay sales.
Among firms presenting on the first day, Roche provided insights into its COVID-19 testing business, and Guardant said it plans to launch a comprehensive tissue sequencing assay.
