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Mobidiag Borrows €15M to Launch Novodiag Platform, IVD Tests

NEW YORK (GenomeWeb) – Finnish diagnostics developer Mobidiag Oy announced today that it has elected to borrow €15 million ($16.6 million) from the European Investment Bank Group in order to "finalize and scale up" manufacturing, validation, and commercialization of its PCR- and microarray-based Novodiag platform and in vitro diagnostic tests for infectious agents.

"We have now the resources to reach our goals and build significant value over the next years based on our state-of-the-art assays and platforms," CEO Tuomas Tenkanen said in a statement.

Novodiag is a cartridge-based, multiplex assay platform for the rapid detection of infectious agents and antibiotic resistance. The instrument is aimed at small- to medium-sized clinical microbiology laboratories with lower-throughput requirements. Mobidiag is also developing Novodiag assays for gastrointestinal, respiratory, blood, skin, and central nervous system infections.

The loan comes under the InnovFin initiative and is backed by the European Union under Horizon 2020 financial instruments, Mobidiag said in a statement.