Biocartis Issues Q3 Update, Raises €32.7M, Inks US Distribution Deal
Thursday, November 17, 2016
Belgian molecular diagnostics firm Biocartis Group issued an update on its business during the third quarter of fiscal year 2016, and announced €32.7 million ($34.7 million) in private financing and a US distribution deal with Thermo Fisher Scientific for its Idylla diagnostics platform and assays.
For the three months ended Sept. 30, the firm said it grew the installed base of its real-time PCR-based Idylla platform and that cartridge consumption during the quarter was greater than total consumption during the first six months of the year. It has also expanded its global reach with distribution deals in Southeast Asia.
Biocartis ended the quarter with approximately €67 million in cash and issued guidance for an installed base of 340 Idylla instruments by year's end. The firm also noted it took on €55 million of non-dilutive financing: a €40 million bank loan and a new subordinated loan of €15 million.