The firm aims to bring to market a point-of-care technology that would significantly reduce the expense associated with highly sensitive diabetes testing.
The fluorescent immunoassay was cleared to run on the next-generation Sofia 2 platform and runs using a finger-stick whole-blood specimen.
The tests can detect several species of Borrelia burgdorferi, the tick-borne parasite primarily responsible for all Lyme disease cases in the US.
The company posted $29.3 million in revenues for the quarter, including $25 million from its tuberculosis business, which grew 17 percent year over year.
According to the company, the designation will help speed potential FDA approval of the test, which uses Ceres' Nanotrap technology to diagnose Lyme disease.
The test is intended for use as the initial screen in the two-step testing process recommended by the CDC for detecting antibodies against B. burgdorferi.
The new funds, which the company said it will use to develop its Nanotrap Lyme Antigen Test, bring its Series A Round proceeds to a total of $8.5 million.
The workflow — which involves two immunoassays instead of the standard immunoassay followed by a Western blot — was tested using the agency's Lyme Serum Repository.
The firm said that sales growth was impacted by immigration headwinds, severe winter weather in the US, and unfavorable order timing in Asia.
The company claims its test can detect the Lyme-linked chemokine CXCL13 in human cerebrospinal fluid within 20 minutes.