NEW YORK (GenomeWeb) – Applied BioCode announced today that it has secured $13.2 million through a public offering of its common stock.
In addition, the firm said it has also secured $8 million in total credit lines extended from an undisclosed FDIC-insured financial institution and a commercial lender.
Applied BioCode obtained US Food and Drug Administration clearance earlier this month for its MDx-3000 molecular diagnostics system along with a multiplex panel assay that tests for 17 gastrointestinal pathogens. The firm, which is a registered Cayman Islands corporation with facilities in the US and Taiwan, plans to use the new funds to commercialize the Gastrointestinal Pathogen Panel (GPP) and MDx-3000 in the US, noting in a statement that the system "will provide high-volume laboratories with an alternative to high-cost cartridge-based systems."
The GPP is the first test in a menu of multiplex infectious disease test panels that Applied BioCode will bring to market on the MDx-3000 system, the company added.