"This funding is critically important for the company as we continue to advance the development of Firefly Dx,"
PositiveID CEO and Chairman William Caragol said. "We have already proven our ability to test numerous assays on our Firefly Dx prototype system and deliver lab-quality pathogen detection in under 20 minutes. With this funding, we intend to build upon the significant progress we have made and focus on the next phase of our development with the goal of producing a field-testable unit for the large point-of-need detection market.”
This transaction will provide discounted senior secured convertible promissory notes to the investor, which was not identified in the announcement.
The device is a handheld device that is able to provide identification and detection services. The device utilizes polymerase chain reactions to indicate whether a pathogen or other agents is existent within a sample. Tests have indicated thus far that many results are able to come in within a 20-minute timeframe, and the company aims to be able to match laboratory testing results.