The funding will be used to pay for clinical trials in the US that will be used as underlying evidence for FDA clearance of the test, the company said.
The firms will use MGI's sequencing technology and Curetis' sample prep platform and antibiotic resistance database to develop IVDs, initially for China.
The prize is awarded to research teams around the world that are attempting to develop a point-of-care test help further reduce the spread of drug-resistant bacteria.
The financing will go toward efforts by the German firm to bring its point-of-care screening system for drug-resistant bacteria to hospitals.
The institute will house the Centre for Genomic Pathogen Surveillance to monitor antibiotic-resistant bacteria worldwide.
The firm said it will offer 25 million units consisting of common stock and common warrants at $.40 per unit.
The company's Acuitas test provides information on the presence of 10 MDRO resistance genes in a single sample.
The company said it will use the funds to develop antimicrobial therapeutics based on CRISPR-Cas3 technology.
The firm is in the process of sequencing phage genomes as well as bacterial genomes before and after phage infection, in order to develop antimicrobials.
The company hopes to raise funding this summer and has been conducting pilots with NewYork-Presbyterian Hospital and Memorial Sloan Kettering Cancer Center.
While gene therapies may have high price tags, they could be cheaper than the cost of managing disease, according to MIT's Technology Review.
Researchers are looking for markers that indicate which cancer patients may respond to immunotherapies, the Associated Press writes.
In Nature this week: paternal age associated with de novo mutations in children, and more.
Nature News writes that researchers are still wrangling over the role of the p-value.