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Akonni Biosystems Raises $4M

NEW YORK (GenomeWeb) – Akonni Biosystems announced today that it has raised $4 million in bridge financing from its current investors.

The company said the funding will be used to "accelerate key corporate objectives" including preparing a US Food and Drug Administration submission for a clinical IVD pharmacogenomic test for its TruDx 2000 microarray platform; listing its automated sample prep instrument with the FDA as a Class I device; and ramping up development of the TruDx 3000 fully integrated sample-to-answer system, which is slated to enter preclinical testing in 2018.

Akonni said that it also intends to use the money to bring its manufacturing facilities and processes under cGMP compliance and achieve ISO13485 certification, as well as to work with collaborators to expand its test menu.

Akonni has collaborated with a number of institutions to evaluate its technology including Harvard University in tuberculosis and the New York State Department of Health's Wadsworth Center on encephalitis and meningitis.

Akonni added that it is further preparing for an institutional financing round to be led by Greenwich, Connecticut-based investment bank MM Dillon, but provided no additional financial details.