BioFire Diagnostics has been able to transform $25 million financing first announced last fall into a much larger $45 million cash infusion, all to help the company quicken the commercialization and rollout of its molecular diagnostics platform.
Athyrium Opportunities Fund committed the initial $25 million and agreed to pony up an additional $20 million for the expanded round, BioFire disclosed this week. Athyrium clearly smells an expanded opportunity. Richard Pines, a principal with the firm, said in a statement that his organization believes BioFire "is poised to expand its market position as hospitals continue to decentralize their molecular diagnostic workflows."
The focal point here is BioFire's FilmArray diagnostic platform. Its first panel--a respiratory test--looks at 17 viral targets in an hour and is used in 400 systems around the U.S., the company said. Right now, BioFire is also waiting for FDA clearance for its sepsis panel and expects to roll out further tests in the coming years. Other tests in development focus on diarrhea, meningitis and pneumonia.
That's not the only money BioFire has secured in recent months. Last fall, the company secured a $25 million tax credit from the state of Utah to add hundreds of new jobs. "BioFire" is also a new name. The company was originally known as Idaho Technology, but changed its corporate identity to reflect a larger focus on molecular diagnostics.
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