NEW YORK (GenomeWeb News) - Point-of-care diagnostics developer LabNow said yesterday that it has landed $20 million in Series B equity financing from private and venture investors.
LabNow will use the money for the late-stage development and launch of its CD4Now Biochip and Analyzer device, a CD4 testing system for use in the assessment and treatment of HIV/AIDS patients.
The funding was led by Austin Ventures and Sammons Enterprises, both Texas-based investors that also backed LabNow’s Series A financing, and includes a group of other private investors, the company said.
LabNow, based in Austin, Texas, said its sensor technology analyzes blood and other fluid samples “simply, rapidly, and economically,” and shows promise for healthcare applications as well as environmental and food safety testing and in homeland security applications.
The company said the CD4Now system uses an automated reader and assay-specific disposable chips to generate accurate CD4 cell counts in less than 15 minutes from a single drop of blood.