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Vela Diagnostics

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. 

The company is offering 39.2 million units at $.16 each, and is hoping to raise $6.3 million to fund R&D and expand its manufacturing capacity.

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