Applied BioCode Announces $13.2 Million (USD) Stock Issuance for Commercialization Efforts
Applied BioCode, an IVD manufacturer of automated multiplex molecular diagnostic test systems, announced today that they have secured $13.2 million (USD) through a public offering of its common stock. Applied BioCode announced earlier this month that they have obtained FDA clearance for its 17-plex Gastrointestinal Pathogen Panel (GPP) with automated MDx-3000 system.
As a registered Cayman Island corporation with facilities in the United States and Taiwan, Applied BioCode designs, develops, and commercializes innovative, high value automated multiplex products for the Molecular Diagnostics industry. Its products and services may revolutionize the Diagnostic industry providing hospitals and reference laboratories with the ability to perform high volume, low cost molecular testing for highly multiplexed assays. Its newly FDA-cleared BioCode® GPP with MDx-3000 system will provide high volume laboratories with an alternative to high cost cartridge-based systems.
Winston Ho, President of Applied BioCode, stated that he is very pleased with the subscription to the Applied BioCode stock and that these funds will be used for commercialization efforts for the Gastrointestinal Pathogen panel in the US market. The company also secured $8 million total credit lines extended from a FDIC insured financial institution and a commercial lender. Dr. Ho also said that the GPP is the first of many multiplex infectious disease test panels that Applied BioCode will bring to market on the MDx-3000 system.
About Applied BioCode
Applied BioCode develops, manufactures, and commercializes multiplex testing products. The company has combined “digital barcodes” with immunochemistry and molecular probes to create a new, bio-inspired Barcoded Magnetic Beads (BMB) technology. The microscale BMB, with a diameter of human hair, is tagged with immunochemistry or molecular probes, allowing the digital barcode to be easily scanned and accurately identified for very high number (4,096 barcodes) of biological targets with no ambiguity. The company products will focus on the molecular infectious disease segment of the market with assays that detect pathogens for gastrointestinal infections, respiratory infections and others. Applied BioCode also partners with a variety of diagnostic companies with applications that include the infectious disease, autoimmune disease, allergy, gut microbiome, and veterinary markets. The BioCode® MDx-3000 system with GPP panel has also obtained the CE-Mark for use in European countries conforming to CE-Mark regulations.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181030005976/en/