NEW YORK (GenomeWeb) – Novacyt said today that it has completed a €3 million ($3.3 million) private financing.
The clinical diagnostics firm will use net proceeds from the fundraising to invest in a new manufacturing facility in Camberley, UK, to accommodate increased manufacturing of Lab21 clinical laboratory products and the NOVAprep liquid-based cytology platform for cervical cancer screening.
Novacyt will also use the new funds to accelerate investment in global commercial infrastructure, particularly in China, and to meet working capital requirements associated with anticipated sales growth.
"The investment in a new manufacturing facility and our global commercial infrastructure is an exciting step in the growth of the company and will ensure we continue to make good progress against our objective of becoming a profitable and cash generative global clinical diagnostics company," Novacyt CEO Graham Mullis said in a statement.
Last year Novacyt acquired UK-based Primerdesign and its portfolio of qPCR assay kits and a real-time PCR instrument platform.
Novacyt said today the Primerdesign integration continues and is on track to meet growth targets set at the time of acquisition, with incremental revenues expected in the second half of this year.
In January Novacyt reported that its 2016 revenues rose 25 percent year over year, driven in part by Novaprep sales and the Primerdesign acquisition.