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Vela Diagnostics

With the exception of $6 million available to the company immediately, the remainder will be distributed over 15 months beginning in February 2017.

The previously FDA-approved test uses PCR to detect Shiga toxin-producing Escherichia coli and serotype O157 directly from patient specimens.

The company was told in October that it was not in compliance with continued listing rules, and it also received a notice of potential delisting in April.

Two of the firm's assays were evaluated in posters presented at a recent conference, demonstrating good performance relative to commonly used non-molecular methods.

The company said it plans to use the proceeds to fund R&D, manufacture additional analyzers, and for general working capital, among other things.

The firm saw a 120 percent year-over-year increase in US customers and increased its R&D spending by 53 percent.

The company said it plans to schedule a hearing in front of the Nasdaq Listing Qualifications Panel to ask for a 30 day extension to regain compliance.

The two-hour assay detects DNA of multiple species of Staphylococcus as well as the mecA drug-resistance gene in positive blood cultures.

The new PCR-based test is designed to detect Shiga toxin-producing Escherichia coli (STEC) and serotype O157 directly from patient specimens.

The company attributed the revenue growth to additions to its customer base and adoption of a recently-cleared assay for Group B Strep. 


Researchers have sequenced the genome of the depth-dwelling giant squid.

Prosecutors have charged a former Drexel University professor with theft for allegedly spending federal grant money on adult entertainment and other unrelated expenses, according to the Philadelphia Inquirer.


Chris Collins, a former US representative, has been sentenced to more than two years in prison in an insider trading case involving an Australian biotechnology firm, the New York Times reports.

In PNAS this week: Trypanosoma brucei transcripts, estimate of people at risk of inherited retinal disease, and more.