Strand

Private equity firm Quadria Capital led the investment round and was joined by HealthQuad Fund and Heritas Venture Fund.

The two companies, who announced the merger in January, said they could not complete the terms of their deal in a timely enough manner.

The Strand Center for Genomics and Personalized Medicine lab is now accredited in India to perform three of Strand's most popular tests. 

Once the deal is fully concluded, Strand's shareholders will own approximately 68 percent of the new company, while Venaxis shareholders will own 32 percent.

The companies anticipate launching the next-generation sequencing-based tests in Russia "in the near future."

Under the terms of the agreement, Tataa will distribute and support Strand's analysis software in Europe and will also use the tool in training programs.

The partners will integrate Strand's informatics software with MRI Global's mobile diagnostic labs and co-develop companion diagnostics.