NEW YORK (GenomeWeb) – Novacyt today announced it has raised €2 million ($2.2 million) in private financing.
Participants in the round included current investors Alto Invest and Nyenburgh. The firm said that investors in the round will receive 399,500 new shares of Novacyt. Proceeds will be used to expand sales of the NovaPrep liquid-based cytology platform, particularly in international markets, and to support the introduction of a reagent rental policy for NovaPrep instrument placements.
The financing will also go toward further automating the platform and moving it into new market sectors, such as gynecological cancers. Lastly, it will be used to develop the firm's product portfolio and support growth of Lab21 products, Novacyt said.
Novacyt and Lab21 combined their businesses last year.
The company announced in April that it raised €2.2 million in a private equity placement, which followed a €3.1 million raise in December.