Biological diagnostics developer PositiveID Corporation has entered into a $4 million agreement with an investor to develop its Firefly Dx technology, pay off debts and to increase working capital, the company announced Wednesday.
The technology utilizes polymerase chain reactions (PCR) to detect potential pathogens. With continued development PositiveID hopes to help increase diagnostic speed to help in the quicker treatment of disease.
"This financing will be integral to our efforts to continue the development of our Firefly Dx system for rapid diagnostics using real-time PCR," said William Caragol, chairman and CEO of PositiveID. "We believe this transaction provides us with the capital required to get us to the next critical stage of our development of Firefly, ultimately enabling us to bring this product to market. We are very pleased to be working with this institutional investor, bringing its experience and expertise to our team as a highly strategic partner."
The company specializes in the development of biomedical technology, specifically rapid detection assays for defense and threat neutralization purposes. The company's focus is the development of microfluidic systems to aid in the detection, prevention and neutralization of domestic or international biological threats.