Quotient Biodiagnostics turned to existing investors to pull in another $5 million in financing, with an eye toward advancing work on its next-generation transfusion diagnostics technology for blood banks.
Along with the financing, Quotient disclosed it hired away executive Ed Farrell from Siemens Healthcare Diagnostics to help shepherd the project. Beyond the next-gen product development however, Quotient plans to use the new cash round to expand its Scotland operation focused on liquid reagents. The company is also based in Newtown, PA.
Quotient CEO and founding shareholder Paul Cowan led the new investment, along with Galen Partners. Galen, a U.S.-based venture capital firm, led the company's $11.2 million financing round back in February 2012.
Quotient actually dates back to the 1940s, when its Alba Bioscience subsidiary made blood typing reagents in Scotland as part of the country's National Blood Transfusion Service. Today, the company is privatized. Its focus on next-generation automated transfusion diagnostics is key to helping it remain competitive as diagnostics become increasingly complex.
Over the last 18 months, Quotient said it has raised about $19 million in new financing. Galen managing director David Azad, meanwhile, said in a statement that the company has accomplished its goals, and that Galen is "excited about the direction of the company."
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