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DxTerity Lands $7.5M in Debt Financing

NEW YORK (GenomeWeb) – DxTerity Diagnostics announced on Tuesday that it has arranged to receive up to $7.5 million in term debt financing from SWK Funding, a subsidiary of SWK Holdings.

The firm said it will use the proceeds toward the commercialization of its DxDirect genomics testing platform and DxCollect MicroCollection Device (MCD).

The firm's proprietary chemistry, DxDirect, enables multiplexed genomic testing directly from the patient sample. The DxCollect MCD allows for the stabilization and transport of blood RNA collected from a finger or heel prick.

"This funding allows DxTerity to aggressively pursue the commercialization of its technology, including [the] expansion of DxDirect to next-generation sequencing systems, and [the use of] DxCollect MCD to power direct-to-patient clinical studies for accelerated validation of molecular diagnostic assays," DxTerity CEO Bob Terbrueggen said in a statement.

In February, a partnership between DxTerity and Duke University received $10.4 million from the US Department of Health and Human Services Biomedical Advanced Research and Development Authority to continue developing a genetic test for radiation exposure.