BioFire Diagnostics secures $25M from Athyrium Opportunities Fund
BioFire Diagnostics, a clinical diagnostics company based in Salt Lake City, Utah, has completed a $25 million financing with Athyrium Opportunities Fund, a New York-based fund focusing on investment opportunities in the global healthcare sector
The proceeds from the financing will be used to accelerate the commercialization of the company's FilmArray diagnostic platform. Proceeds will also be used to further develop additional panels beyond the FDA-cleared, CE IVD marked, FilmArray Respiratory Panel (RP), which simultaneously tests 17 viral targets and three bacterial targets in approximately one hour. These additional panels include a blood culture ID panel (currently in clinical trials), a gastrointestinal panel and a meningitis panel.
"We are excited to partner with Athyrium during this transformative stage of the Company's life,” said Kirk Ririe, CEO of BioFire. “This investment strengthens our already solid capital position and the company's ability to further penetrate the molecular diagnostics market. The FilmArray Respiratory Panel is just the first of many exciting panels which will drive the utility of the FilmArray platform for the medical community in the coming years."
Richard Pines, a principal of Athyrium, added, "Athyrium believes that BioFire is poised for significant future growth as hospitals continue to de-centralize their molecular diagnostic workflows and increasingly demand access to multiplex systems that can handle their testing throughput. The company's current RP panel and robust pipeline of future panels will position BioFire as a leader in clinical diagnostics arena."