NEW YORK (GenomeWeb News) – Spanish diagnostics and pharmacogenomics firm BlackBio announced it has raised more than €2 million ($2.8 million) from a capital increase and public support.
The amount includes a €1.9 million loan from Madrid Network, an economic and innovation development organization. BlackBio raised €3 million earlier this year, and that along with today's announced funding will allow it to "achieve its strategic objectives and to ensure its growth in the future," it said.
The company will use the funds to further develop and validate its "accelerated high sensitivity microsequencing" technology for the diagnostics and personalized medicine markets. The company's kits for the rapid identification of clinically relevant bacteria and fungi — BlackLight Sepsis and BlackLight Fungi ID kits — are being clinically validated, while kits for predicting the effectiveness of therapies for type 2 diabetes as well as kits for predicting the efficacy of chemotherapies for breast cancer are in the development stage, it said.
BlackBio added that it will launch its new applied genetics division called Genotest for the Spanish and international markets. The division will offer genetic analysis services.
Based in Madrid, BlackBio develops and markets products based on genetics, genomics, and proteomics. The company was founded in 2009.