Gates Foundation

The Bill & Melinda Gates Foundation will also provide support to winners of the challenge, which may include a grant of up to $500,000.

The funding comes from the Bill and Melinda Gates Foundation, which previously provided the company with $500,000 for the test's initial development.

BIOASTER and Mologic will develop and clinically evaluate a test prototype for detecting O. volvulus antibodies in blood with high specificity.

The firm said net product revenues fell 11 percent year over year in the fourth quarter.

The company's HIV testing revenues were up 24 percent year over year, while HCV testing revenues plummeted 68 percent.

The foundation will provide funding of no more than $20 million over the four-year term of the deal, and no more than $6 million each year. 

The grant will go toward creating a diagnostic technology center to develop methods for detecting protein biomarkers at the point of care.