NEW YORK (GenomeWeb) — Karius announced today that it has reached a deal for a $25 million senior secured term loan from financing firm Oxford Finance.
Specific terms of the loan were not disclosed.
Redwood City, California-based Karius said it intends to use the money to continue commercialization of its diagnostic technologies, to fund clinical studies, and for research and development activities.
"Oxford Finance realizes Karius' potential to transform the diagnostic landscape for infectious diseases," Karius CEO Mickey Kertesz said in a statement. "This capital will enable Karius to help more patients by expanding its reach."
Karius recently launched a next-generation sequencing-based test capable of detecting over 1,000 pathogens — including bacteria, DNA viruses, fungi, mold, and protozoa — from microbial cell-free DNA in a single blood draw. Last month, the Stanford University spinout signed on São Paulo-based medical diagnostics firm Dasa to distribute the test in Brazil, and collaborators presented interim study results and anecdotal evidence on the assay.