Cash to help Pathogen develop testing devices

BROOMFIELD – Food and water testing company Pathogen Systems Inc. recently received $2 million in new equity investment and expects to close on an additional $850,000 on Friday, Jan. 25, according to the company’s chief executive.

The new funds will be used to build the company’s pathogen-testing machines, test them in the marketplace and get them accredited by an international accreditation group, said James Bruce, CEO of the Broomfield-based company. Pathogen Systems does business as Crystal Diagnostics Ltd.

An Ohio prison, a laboratory in South Sioux City, South Dakota, and a lab in Denver have pre-bought testing machines, each of which sells for about $30,000, Bruce said. The company plans to ship those first three machines in the next eight weeks, he said.

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The machines can be used to test meat or other food products, and water, for pathogens – mainly strains of the E. coli bacteria that can cause serious infections in humans, Bruce said. The new machines will be able to return test results in about eight hours, where existing testing equipment takes about 12 to 14 hours to return results, he said.

Pathogen Systems expects to see $20 million to $30 million in annual revenue by 2015. The company has eight people working at the Broomfield office and another 10 people in an Ohio office.

The company started in 2007 after licensing technology from Northeast Ohio Medical University and Kent State University in Ohio. Pathogen plans to hire four people in the coming year, Bruce said.