The device, which will be tested in collaboration with a Panamanian research institute, will run 40-minute tests without the need for electricity.
The company's net earnings rose, and it reaffirmed its guidance of $195 million to $200 million in revenues for full year 2016.
The LAMP-based test is faster and more sensitive, allowing faster treatment and more accurate diagnosis for malaria patients.
HiberGene will use the funding to develop and commercialize tests for Group B Streptococcus, Clostridium difficile, and norovirus.
The company plans to add assays for Group B Streptococcus, Clostridium difficile, and norovirus in 2016 to complement its existing meningitis test.
The instrument is designed exclusively for use with the company's portfolio of molecular infectious disease assays, including its recently launched HG Meningococcus
Meridian's Diagnostics segment grew 2 percent lifted by a 10 percent increase in revenues from the illumigene molecular product line.
The revenue increase was driven by growth in Meridian's Diagnostics segment and particularly sales of its Illumigene product line.
Meridian received the CE mark for two new Illumigene molecular diagnostic tests for Chlamydia trachomatis and Neisseria gonorrhoeae.
HiberGene hopes to launch its assays, based on loop-mediated isothermal amplification, in the EU in the third quarter of this year.
In Science this week: metagenomic-based technique for determining protein structure, and more.
An academic laments the rise of narcissism in the sciences, the Guardian reports.
Outgoing FDA commissioner Robert Califf writes in an editorial that the agency can help boost innovation.
The Trump transition team has asked NIH Director Francis Collins to remain at his post, though it's unclear for how long that will be.