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The money will be used for research and development, building a clinical laboratory network, and seeking regulatory approval.

On an adjusted basis at constant exchange rates, revenues grew 19 percent year over year, in line with guidance provided by the company in early July.

Oxford Immunotec said that a decrease in revenues for its US business was partly driven by the impact of planned inventory destocking by Quest Diagnostics.

National TB control programs may now order the T-spot.TB, a blood test for TB screening, through the Stop TB Partnership - GDF procurement mechanism.

The firm launched a CE-IVD marked test for extremely drug-resistant TB and expects to incorporate the multiplexing technology in other assays.

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.

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