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| InflammaDry diagnostic test--Courtesy of RPS Diagnostics |
Sarasota, FL's RPS Diagnostics, maker of point-of-care diagnostic tests for eye conditions, announced Oct. 13 that it has closed a $28 million debt financing with healthcare-focused investment firm OrbiMed.
RPS boasts two FDA-cleared CLIA-waived products: AdenoPlus for the diagnosis of adenoviral conjunctivitis, also known as pink eye, cleared in 2011, and InflammaDry for the diagnosis of dry eye disease, cleared in 2013. Earlier this month, the company announced a CE mark allowing marketing in Europe for the point-of-care FebriDx test for viral and/or bacterial acute febrile respiratory infection, saying the new product will help combat the overprescription of antibiotics.
In 2012, specialty pharma and medical device company FSC Pediatrics signed an agreement to license and distribute the AdenoPlus to primary care pediatricians, according to the RPS website.
"As one of the premier global healthcare investors, OrbiMed's extensive network and healthcare industry prowess will be instrumental to RPS's continued success," said RPS CEO Robert Sambursky in a statement. "We will leverage this funding to extend the reach of our commercial infrastructure and support the advancement of our product development pipeline."
The pipeline includes a diagnostic for use in the event of a biological attack or pandemic under a 2012 contract signed with the U.S. Department of Homeland Security. It will test for chemical nerve agent blood toxins, according to the release.
With $8.5 billion under management at midyear, OrbiMed was named one of the top life sciences public investors by FierceBiotech. Device companies in the portfolio include Fierce 15 member Inspire Medical Systems and breast implant maker breast Sientra, which recently filed for an IPO worth up to $86.2 million.
- read the release
Special Reports: Top 7 life sciences public investors - OrbiMed Advisors | 2014 Fierce 15 - Inspire Medical Systems