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Novacyt Raises $3.8M in Private Equity

NEW YORK (GenomeWeb) – Novacyt today announced it has raised 3.1 million ($3.8 million) in a private equity placement.

Institutional investor Alto Invest joined existing investors in the funding round.

"The fundraising will enable the company to significantly accelerate the commercialization of the world-class cytology platform, NovaPrep," Novacyt CEO Graham Mullis said in a statement. "In particular, it enables the company to expand its global commercial channels, including launching in key new markets in the next few months."

The firm said in a statement that it will use the funds to build sales in China and other new markets in Asia, as well as develop molecular diagnostics for infectious disease, beginning with new products targeting fungal infections including Aspergillus and Pneumocystis.

In May, Paris-based Novacyt bought diagnostic products and services firm Lab21 for $34.1 million.