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Mobidiag Completes €4M Funding Round

NEW YORK (GenomeWeb) – Finnish in vitro molecular diagnostics manufacturer Mobidiag has completed a €4.0 million ($4.3 million) funding round, the firm announced today. The funding was supported by Finnish investment service company Kansalaisrahoitus Oy.

The new funding adds to a loan of €15 million the company received from the European Investment Bank and was completed before the closing date with contribution by over 300 investors, Mobidiag said in a statement. The company will use the new funds to finnalize and scale up its product manufacturing and assay validation and to expand its sales and marketing channels in Europe and other parts of the world.

Mobidiag currently manufactures screening tests for detection of gastrointestinal infections, such as Clostridium difficile and bacterial gastroenteritis, as well as drug resistant organisms, on its cartridge-based multiplex PCR and microarray instruments — the high- to medium- volume Amplidiag platform and upcoming lower volume Novodiag platform. Products in its pipeline include instrument and test cassettes that take a syndromic approach, simultaneously detecting panels of bacteria, viruses, or parasites, the firm said.