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MBio Dx Hopes to Raise $2.3M in Private Placement

NEW YORK (GenomeWeb) – In a filing with the US Securities and Exchange Commission, MBio Diagnostics said it is offering for sale $2.3 million of stock and warrant units.

The units consist of 10,000 shares of Series B-2 preferred stock and 10,000 warrants to purchase Series B-2 preferred stock. The company noted it has already raised $562,500, and plans to raise $1.7 million more.

CEO Christopher Myatt told GenomeWeb the company plans to use the proceeds to pursue partnerships with other companies for its rapid multiplex testing technology. The company announced one such product development and licensing agreement with Roka Bioscience in December, joining MBio's multiplex, point-of-care diagnostics technology with Roka's solutions for food safety testing. Myatt added that these partnerships are a way for MBio to further develop its technology.

The company also raised $6.3 million in a Series B financing round in May 2015.

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