The firm is developing a rapid point-of-care diagnostic system focused on combating antimicrobial resistance.
At the JPM Healthcare Conference on Wednesday, its CEO also said that lower-than-anticipated revenues in Q4 2017 were due to a longer-than-expected sales cycle.
The team hopes to commercialize the technology by producing cost-effective tests to rapidly diagnose common upper respiratory viral pathogens.
The Finnish firm provided updates on its isothermal amplification-based molecular diagnostics technology as well as its broader diagnostics business.
The firm said the point-of-care test would help clinicians rapidly decide whether an upper respiratory infection is viral, bacterial, or clinically insignificant.
The panel, developed by collaborator Janssen, is expected to improve detection of influenza and respiratory syncytial virus.
The University of Illinois team developed the technology with an eye at low-resource settings, including developing nations and rural communities.
The grant is specifically intended to support the development of noninvasive, rapid tests that can be used at the point of care in developing country settings.
The clearance provides clinicians in emergency departments, intensive care, and other hospital units with a tool for antibiotic stewardship.
The firm said that its Panther Fusion system expands molecular testing capabilities, and increases productivity and flexibility for labs.