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Fluidigm Raises $20.9M in Equity Offering, Will Receive $11M After Achieving NIH Milestone

NEW YORK – Fluidigm separately said on Tuesday it raised $21.9 million in an equity offering, and that it will receive $11 million from the US National Institutes of Health after reaching an initial milestone.

According to documents filed with the US Securities and Exchange Commission, between Aug. 13 and Sept. 3, Fluidigm raised $20.9 million from its at-the-market equity offering program, selling 2,479,517 shares of common stock.

The South San Francisco, California-based firm also said on Tuesday it has achieved the initial milestone under its contract with NIH's Rapid Acceleration of Diagnostics (RADx) initiative and will receive approximately $11 million. 

The letter contract established $12 million total available to the company, with $11 million provided after achieving the initial test verification milestone for its Advanta Dx SARS-CoV-2 RT-PCR Assay. Fluidigm said it expects to receive the rest of the money by the end of the third quarter and is currently working to finalize a definitive contract with NIH.

The Advanta test was independently verified and received Emergency Use Authorization from the US Food and Drug Administration last month. The extraction-free, saliva-based test runs on Fluidigm's Biomark HD microfluidics platform and can generate 6,000 results per day on a single system.  

The RADx program fast-tracks development and commercialization of innovative technologies to increase US testing capacity for SARS-CoV-2.