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Binx Health Raises $104M in Series E Round

NEW YORK — Binx Health said on Thursday that it has raised $104 million in a Series E financing round.

The round was led by OrbiMed and included existing investors LSP and Johnson and Johnson Development, as well as new investors Arrowmark Partners, Hildred Capital Management, Alta Life Sciences, and Parian Global. In connection with the financing, Andrew Goldman, Hildred's cofounder and managing partner, is joining Binx's board.

Binx said it will use the funding to expand manufacturing of its US Food and Drug Administration-cleared Binx io molecular point-of-care instrument and accompanying chlamydia and gonorrhea tests, which received CLIA waivers from the FDA in March.

The Boston-based company said the money will also be used to develop new tests for the instrument, expand its sales operations in the US and overseas, and advance its software platform and data infrastructure.

Earlier this year, Binx said that it is aiming to strike deals to offer its tests through retailers, with an announcement about a collaboration with an undisclosed retail chain forthcoming.