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Novacyt Raises $2.3M to Support Launch of Cytology Platform in China

NEW YORK(GenomeWeb) – Novacyt said on Monday that it raised €2.2 million ($2.3 million) in a private equity placement. 

The financing will be used to accelerate the launch of the firm's cytology platform NovaPrep in China with its distribution partner, Danaher's Leica Biosystems. The firms announced a distribution agreement for that country last month. 

As a result of the financing, the launch of NovaPrep in China has been moved up to the second quarter of this year compared to previous expectations of a second-half 2015 launch, the Paris-based cellular diagnostics firm said. The proceeds will be used to purchase stock and invest in infrastructure in preparation of the launch. 

Current investor Alto Invest and new investor Nyenburgh of Amsterdam participated in the placement, Novacyt said. In March the company raised €3.1 million in a private equity placement.

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