NEW YORK ─ BioFluidica on Tuesday announced it has raised more than $6 million in initial financing from a Series B2 financing to support the commercialization of a liquid biopsy testing platform and handheld device for COVID-19 testing.
The San Diego-based company said it is targeting a total of $10 million in financing and anticipates raising the additional funding if it reaches development milestones for its handheld infectious disease detection device, which uses nanofluidics for the detection of virus particles.
BioFluidica's existing investor base led the Series B2 financing, with participation from unnamed new investors.
"This funding will allow BioFluidica to expand the commercialization of its LiquidScan instruments and consumables for the isolation and analysis of all liquid biopsy biomarkers including cells, exosomes, and cell free nucleotides on one platform," the firm's CEO Rolf Muller said in a statement.
The financing supplements funding from the National Institutes of Health's Rapid Acceleration of Diagnostics (RADx) initiative to advance the commercial development of its handheld device for at-home testing for COVID-19, he said. Last August, the firm announced it had received $250,000 in RADx funding.