Oxford Immunotec Raises $28M To Expand TB Test Sales
A medical diagnostic company developing tests for infectious and immunological diseases, with its U.S. headquarters in Marlborough, announced that it has raised $28 million in a new round of equity financing.
Oxford Immunotec, based in Oxford, England, has now completed five funding rounds totaling approximately $110 million since its establishment in 2002.
The proceeds from this financing will be used to expand sales and marketing of Oxford Immunotec's lead product, the T-SPOT, a test for diagnosing tuberculosis infection, as well as for the development and commercialization of new products focused on infectious and immunological disease.
CEO Peter Wrighton-Smith said, "This $28-million funding exceeded our funding goal and is further validation of the market opportunity we are pursuing, the strength of our lab-based U.S. business model and our early progress in penetrating that market. This funding will help us to expand sales and marketing at a faster rate, to penetrate new geographies and to accelerate the development and commercialization of other assays for our expanding customer base."
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