Boulder-based MBio Diagnostics closes $6.3M Series B funding round

BOULDER — MBio Diagnostics Inc. announced Thursday that it has closed a $6.3 million round of Series B funding that will be used to advance work on a portable diagnostic tool that can detect proteins, cells, nucleic acids and small molecules in minutes.

The Boulder-based medical-device company received the funding from new and existing private investors, according to a company statement. A spokeswoman for MBio said the company is not releasing the names of the investors of this round.

The funding will be used to refine the platform and improve manufacturing of its MBio Array System, as well as help the company commercialize the technology.

The system provides lab-quality results in one to 20 minutes using disposable cartridges, the company said.

The MBio system initially was developed for the rapid diagnosis of infectious diseases such as HIV and hepatitis, but MBio has been collaborating with Michigan-based Neogen Corp. (Nasdaq: NEOG), Queen’s University Belfast and University of California, San Diego to expand how the system can be used to include veterinary diagnostics, food-safety testing and environmental monitoring.

“MBio aims to be the platform of choice for leading providers and users of clinical and analytical testing services in all market segments from medical and veterinary to food and environmental,” said Chris Myatt, chief executive of MBio Diagnostics. “This funding allows our team to support existing collaborations and explore new market opportunities across a broad range of industries.”

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