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Mobidiag Receives Final €4M Tranche of €15M Financing Project

NEW YORK (GenomeWeb) – Finnish molecular diagnostics maker Mobidiag today announced it has received the final €4 million ($4.52 million) tranche of a three-year, €15M financing project.

The funds were secured as part of a project called InnovFin – EU Finance for innovators, which is an initiative of the European Investment Bank Group to finance European companies.

Mobidiag said in a statement that the funding has already enabled the company to finalize, launch, and commercialize its Novodiag molecular diagnostic system. The system is a fully automated PCR- and microarray-based instrument for small- to medium-sized clinical microbiology labs providing syndromic and targeted testing for infectious diseases. The funding has also enabled development of two assays for detection of gastrointestinal infections on the system, called Novodiag C. difficile and Novodiag Bacterial GE+.

"The EIB funding has been critical in enabling us to reach a number of operational and technical milestones that are crucial to our development as a company, including the implementation of a high capacity Novodiag cartridge manufacturing line, a cutting-edge automation platform developed specifically for Mobidiag, which has added significant upscaling capacity," said Tuomas Tenkanen, CEO of Mobidiag.

The final funding tranche will help the company to continue growing its product portfolio, accelerate the development of further assays for the Novodiag system, and enhance its manufacturing capabilities, as well as continuing to facilitate commercial expansion into additional markets, the firm said.

Mobidiag also raised €4 million in a funding round earlier this year, in addition to a previous round of €4 million in the prior year.