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Private equity firms KKR and Ampersand Capital have reportedly proposed acquiring Oxford Immunotec for around $15 per share in cash.
Asia revenue fell 22 percent year over year, primarily due to a slowdown of testing in China as a result of the COVID-19 pandemic, the company said.
The firm said that since March, when it provided its full-year 2020 guidance, it has seen a significant decline in testing demand as a result of the COVID-19 pandemic.
The sequencing-based test is designed to detect mutations that cause resistance to 15 first- and second-line antibiotics used to treat tuberculosis.
The funding comes from the Bill and Melinda Gates Foundation, which previously provided the company with $500,000 for the test's initial development.
The company has developed a proof-of-concept single-pore sensor that it anticipates integrating into a prototype testing platform this year.
FIND said that the consortium will evaluate the impact on clinical trial participants of innovative diagnostic technologies versus current standards of care.
An international group of researchers aim to develop an approach that may be able to diagnose multiple conditions, including pneumonia, tuberculosis, sepsis, with one blood sample.
The diagnostic firms were the final companies in the coverage universe of 360Dx to present at the annual conference.
On Monday Qiagen reiterated its preliminary 2019 earnings figures and addressed an investor's wrath, while Guardant Health highlighted its cancer testing plans.