BioFire Diagnostics said this week that it has completed a $25 million financing with Athyrium Opportunities Fund.
BioFire will use the proceeds to accelerate commercialization of its FilmArray diagnostic platform and develop diagnostic test panels beyond its FilmArray Respiratory Panel, which has obtained both a CE Mark and US Food and Drug Administration approval.
FilmArray integrates sample preparation, amplification, detection, and analysis, and is designed to provide results in about an hour with about two minutes of hands-on time, according to the company. The instrument performs PCR to initially amplify nucleic acids from target pathogens, and uses melt curve analysis for multiplexed detection.
The FilmArray Respiratory Panel simultaneously tests 17 viral targets and three bacterial targets. BioFire is also developing a blood culture ID panel, a gastrointestinal pathogen panel, and a meningitis panel for the system. The company initiated clinical trials for the blood culture ID panel in July (PCR Insider, 7/19/2012).
Last week BioFire announced that it changed its name from Idaho Technology to more accurately reflect its business strategy (PCR Insider, 8/30/2012).
BioFire CEO Kirk Ririe said in a statement this week that the Athyrium investment "strengthens our already solid capital position and the company's ability to further penetrate the molecular diagnostics market."
Richard Pines, a principal of Athyrium, said in a statement that his company believes that BioFire "is poised for significant future growth as hospitals continue to decentralize their molecular diagnostic workflows and increasingly demand access to multiplex systems that can handle their testing throughput."