Vela Diagnostics

The test detects genomic drug resistance mutations in HIV-1 that can lead to treatment failure and is validated on the firm's automated Sentosa workflow. 

The acquisition nets Vela a US manufacturing and R&D site, as well as Great Basin's multiplexing platform and six existing FDA-approved products.

The company, which also said it is short on funds, may have to pay $18.3 million to Hudson Bay Master Fund if forebearance is not granted for the default.

The firm said that a number of hospitals and labs are expected to evaluate the panel, presenting it with about a $2.0 million annual revenue opportunity.  

Great Basin plans to use the proceeds for R&D, sales and marketing expenses, the redemption of certain notes, and general corporate purposes.

The company had previously said it expected to raise $3.5 million through the public offering of units.

The company said in an SEC document that the proceeds will allow it to fund its operations for up to three months, including expanding the sales of its tests.

Cost-control measures the firm implemented in the previous quarter led to a 30 percent decrease in operating expenses.