BOULDER — mBio Diagnostics Inc., a Boulder-based biotech company, has raised $5.2 million in an equity offering.
The company has a total offering amount of $6.4 million, according to a Form D filed with the U.S. Securities and Exchange Commission on Aug. 21.
While owning a building seems like something every successful business should do, that’s not always the case. For many companies, it makes more sense to continue leasing space, freeing up time and capital that can be better utilized in other ways.
The funds will be used to scale the business as it forms new partnerships, including one that will use its platform for veterinary testing, CEO Chris Myatt told BizWest.
“We’re in an expansion and growth mode,” he said.
MBio makes a portable testing system that can test on site. One of its tests can detect toxic green algae using disposable cartridges in about 20 minutes. The company is now working on adapting the test so it can be used on animals in vet clinics. It could even be used for testing humans at point-of-care.
The portable device is in many ways similar to what the company Theranos was doing before its founder was indicted for fraud. There is, however, a major difference between Theranos and mBio.
“Ours works,” Myatt said. “They made some pretty extensive claims, but we’re trying to be incremental. Hopefully we’ll get to where we’re trying to. Things are working really well.”