A Medical Device Daily
Great Basin Scientific (Salt Lake City) reported it had closed a $3.9 million financing round. New and returning investors participated in the funding for this round.
The new round of financing will fund the company through the spring of 2009 as it completes the design of its rapid molecular diagnostic testing platform and brings a methicillin-resistant Staphylococcus aureus (MRSA) test into clinical trials. The company said the silicon chip-based technology is simple, cost-effective and improves on the highly complex, traditional Polymerase Chain Reaction (PCR) method that requires the skills of highly-trained technicians and often times multiple rooms to avoid cross contamination of tests. The company's highly-sensitive, easy-to-use integrated cartridge system which can be performed in a CLIA-rated moderately complex or waived laboratory, will give healthcare providers and their patients the benefit of point-of-care test results within a 20 - 60 minute time frame at costs much lower than current molecular solutions.
"This financing coincides with an exciting time for our company as we begin to develop important technology that will bring rapid disease diagnosis nearer to the patient to improve clinical outcomes and reduce treatment cost," said Ryan Ashton, president/CEO of Great Basin. "This commitment by our investors shows a strong indication of confidence in our innovation, use of technology, strategy and leadership team."
Great Basin is a privately held life sciences company that commercializes technologies for the molecular, rapid diagnostic testing market.