BioFire Diagnosis, Inc. Announced today the completion of the $25 million funding of the Athyrium Opportunities Fund The proceeds from the financing will be used to accelerate the commercialization of the FilmArray diagnostic platform of the Company. Proceeds will also be used to further develop additional panels beyond the FDA-cleared, CE IVD-marked FilmArray Respiratory Panel (RP), which simultaneously test 17 viral targets and three bacterial targets in approximately one hour. These additional panels include, inter alia, a blood culture ID panel (currently in clinical trials), a gastrointestinal panel, and a meningitis panel.
Kirk Ririe, Chief Executive Officer of BioFire, said, “We are excited to partner with Athyrium during this transformational phase of the company’s life. This investment strengthens our already solid capital position and the Company’s ability to penetrate the molecular diagnostics market further. The FilmArray Respiratory Panel is just the first of many exciting panels that will drive the benefits of the FilmArray platform for the medical community in the coming years. “That’s right.
Richard Pines, Athyrium’s Principal, said, “Athyrium believes that BioFire is set to grow significantly in the future as hospitals continue to decentralize their molecular diagnostic workflows and increasingly demand access to multiplex systems that can handle their test throughput. The company’s current RP panel and robust pipeline of future panels will position BioFire as a leader in clinical diagnostics. “That’s right.
BioFire Diagnostics, Inc.
BioFire Diagnosis, Inc. , Idaho Technology, Inc. , is a privately held clinical diagnostic company based in Salt Lake City, Utah. The Company manufactures and distributes the FilmArray RP, which operates on the easy-to-use FilmArray system, to hospital-based clinical laboratories across the U. Oh, S And to the EU With the FilmArray RP, BioFire is the only FDA-cleared clinical diagnostic test for eight of the 20 organisms on its panel. To date, BioFire has more than 200 FilmArray RP units available in over 65 hospitals across the U. S and the European Union In addition, BioFire continues to expand its FilmArray test menu and is currently developing a blood culture ID panel, a gastrointestinal panel, and a meningitis panel.
BioFire holds more than 70 patents related to the polymerase chain reaction (PCR) and has used its extensive patent portfolio to successfully market nearly 200 products on the clinical, research and military markets. BioFire customers include the Department of Health and Human Services, the Department of Defense, state and local law enforcement, and researchers and medical technicians across a wide range of fields and industries.
The Athyrium Opportunities Fund
The Athyrium Opportunities Fund (‘Athyrium’) is a New York-based fund focusing on investment opportunities in the global healthcare sector. The Athyrium Investment Team has significant healthcare investment experience across a wide range of asset classes, including public equity, private equity, fixed income, royalties, and other structured securities. Athyrium invests across vertical healthcare sectors, including biopharma, medical devices and products, and healthcare services. Team partners with management teams to implement creative financing solutions to the capital needs of companies.
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