Targos' CEO said that the various levels of multiplexing and throughput of Ultivue's assays' present a strategic fit for his firm's clinical research services.
The test detects 20 common viruses and bacteria that cause upper respiratory infections using the firm's high-throughput, automated MDx-3000 instrument.
Stakeholders discussed last year's decision by Palmetto to deny coverage for large respiratory panels and discussed the way forward for test developers and labs.
The company reported total revenues of $27.7 million, with growth in its consumables business but a drop in instrument revenues from the prior year's first quarter.
The financing will go toward continued development of its MultiPath technology to rapidly identify hospital infections and determine their antibiotic susceptibility.
Kypha develops tests for monitoring immune status and inflammation, while Biosensia's RapiPlex system can run simultaneous multiplex testing up to 24 analytes.
Collaborators said that the test is accurate and reliable for the rapid detection of the most common gram-positive bacteria responsible for bloodstream infections.
Amplidiag CarbaR+MCR detects the main carbapenemase-producing organisms and colistin resistance markers. Novidiag Bacterial GE+ identifies the most common enteric pathogens.
In a training subset of the larger cohort, the company was able to develop classifiers that detected many cancers while minimizing false positives.
The Phase II contract is for the further development of a portable multiplexed immunoassay system that would deliver a panel of host response biomarker results.