NEW YORK – Oxford Nanopore Technologies said on Tuesday that it has raised £84.4 million ($109.5 million) in a private financing from existing and new investors.
Investors in the round included International Holdings Company (IHC), based in Abu Dhabi, United Arab Emirates, and RPMI Railpen, a UK pension fund.
The company will use the new funds to support the ramp of commercial and manufacturing operations and to further develop its nanopore technology. It is currently scaling up its LamPore COVID-19 diagnostic test for the detection of SARS-CoV-2, which obtained the CE mark last week.
The latest financing comes after the company raised £48.4 million ($62.8 million) from new and existing investors in May and brings Oxford Nanopore's total funding raised to date to approximately £614 million.
"Our international investor base reflects the international ambitions of Oxford Nanopore, as our technology is now used to answer important biological questions in more than 100 countries," said Oxford Nanopore CEO Gordon Sanghera in a statement.
"Oxford Nanopore has developed distinctive and proven technology and has been highly effective in taking products from innovation to market within tight timeframes," commented IHC Managing Director and CEO Syed Basar Shueb.
Oxford Nanopore said it will provide updates on its technology later this month at the American Society of Human Genetics virtual annual meeting.