BioFire Diagnostics has pulled in $25 million in new funding to accelerate product development of signature tests. That means the company has now reaped $50 million in good fortune in a matter of days. (Recently, we learned that the BioFire also obtained a $25 million tax credit from the state of Utah to add hundreds of new jobs there.)
Athyrium Opportunities Fund is handling the financing round, which will be used to speed up commercialization work for the company's FilmArray diagnostic platform. The company will also focus on propelling development for a blood culture ID, and gastrointestinal and meningitis test panels, among many others.
That's a lot of change for a company that until only recently was known as Idaho Technology. The new corporate identity reflects the company's greater focus on molecular diagnostics, something that will become even more aggressive with the new financing, BioFire CEO Kirk Ririe said in a statement.
"We are excited to partner with Athyrium during this transformative stage of the company's life," Ririe said, noting that the new financing will boost BioFire's ability "to further penetrate the molecular diagnostics market."
Diagnostics companies have continued to raise money and expand as the advance toward personalized medicine accelerates. Major players eye the development of diagnostic tools that allow for a particular treatment ideal for a genetic disease subtype, or a companion diagnostic that helps spot patients for whom a particular drug will work best.
The $25 million tax credit from Utah will help BioFire expand there and add up to 657 new jobs.
- read the release