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Rheonix Raises $28.6M

NEW YORK (GenomeWeb) – Rheonix today said that it has raised $28.6 million in order to ramp up commercialization of its Encompass MDx and Encompass Optimum molecular diagnostic testing platforms. 

According to a document filed with the US Securities and Exchange Commission, the company is targeting $36.5 million for the financing round. Rheonix did not disclose the identities of the investors. 

Rand Capital and Cayuga Venture Fund co-lead the offering and was joined by existing investors Advantage Capital Partners and Gefinor Capital. 

In addition to increasing the commercialization efforts around its MDx platforms, the funding will be used for new product development and for existing business needs, the Ithaca, New York-based firm said. It previously raised $14 million in late 2013.

The Encompass MDx and Encompass Optimum are automated systems that streamline the workflow for building and using molecular assays, Rheonix said. Users can configure their own testing and control all aspects of assay performance while keeping the testing process simple and affordable. Users can create their own sample-to-answer, fully automated complex molecular assay using the Rheonix CARD cartridge. 

The Encompass Optimum, launched earlier this year, is available for research use only.

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