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Vela Diagnostics

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.

The company said that changes it made in the fourth quarter, including a recently announced restructuring plan, will lead to improvements in 2017.

The new filing comes after the firm recently withdrew plans last month to raise $8 million. 

As part of a restructuring and cost reduction plan the firm also reduced the principle of its 2016 convertible note by about half.

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