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Vela Diagnostics

The firm said that a number of hospitals and labs are expected to evaluate the panel, presenting it with about a $2.0 million annual revenue opportunity.  

Great Basin plans to use the proceeds for R&D, sales and marketing expenses, the redemption of certain notes, and general corporate purposes.

The company had previously said it expected to raise $3.5 million through the public offering of units.

The company said in an SEC document that the proceeds will allow it to fund its operations for up to three months, including expanding the sales of its tests.

Cost-control measures the firm implemented in the previous quarter led to a 30 percent decrease in operating expenses.

The molecular diagnostic assay to detect Bordetella pertussis will now be launched commercially by the firm.

The test was recently submitted to US regulators and is expected to start contributing to Great Basin's revenues in the second half of the year.

The firm has immediate access to $800,000 in previously restricted cash, and an additional $10.8 million in capital through new convertible notes.

The test, which runs directly from a patient nasopharyngeal swab, is the fifth assay on the firm's sample-to-result molecular diagnostics platform.

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