U.S.-based Quotient Biodiagnostics has snagged $11.2 million in new financing and already has lots of plans for the cash infusion.
What the funding amounts to is this: The Newtown, PA-based company is investing in its future as a transfusion diagnostics enterprise. The money helps expand and modernize manufacturing, product development and commercial operations on two continents, here in the U.S. and in Edinburgh, Scotland, according to Quotient's announcement. A chunk of the cash will also go toward developing the "next generation automated transfusion diagnostics" technology the company will need to remain competitive in a broader field where advances and technologies in areas such as molecular diagnostics are becoming increasingly important.
U.S.-based healthcare venture capital firm Galen Partners handled the financing. Galen's David Azad and John Wilkerson are now joining the company's board as non-executive directors. As part of the deal, Thomas Bologna, chairman and CEO of Response Genetics, is also joining the board as a non-executive director.
Galen managing director David Azad said in statement that the funding gives Quotient "transformative manufacturing and scientific resources" to advance its global transfusion diagnostics business.
Quotient isn't a new company. Its Alba Bioscience subsidiary in Scotland dates back to the 1940s, according to the Quotient website, when it made blood typing reagents as part of the Scottish National Blood Transfusion Service. Now privatized, Quotient itself is over 30 years old, trying to stay competitive was younger, future-tech rivals.
- here's the release